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Gold continues to rise due to corona crisis

By : Marwa Mahmoud

Gold prices rose, as an increase in the number of cases of the Corona virus and the exacerbated fears of a second wave of the pandemic that might force governments to impose new measures of public isolation.

Gold in immediate transactions increased 1.1% to $ 1740.79 an ounce by 18:03 GMT, while the US gold futures contracts were settled, up 1.3% to $ 1753 an ounce.

Spot gold prices reached their highest levels since 2012 to $ 1764.55.

It was announced that more than 8.4 million people were infected with the Corona virus worldwide, and about 400 positive workers tested in a slaughterhouse in northern Germany, while China announced 32 new cases today

Gold prices have risen 15% since the beginning of the year, supported by the demand for safe havens in light of fears of an economic slowdown .

Also due to unprecedented levels of financial and monetary support by governments and central banks, which reduced bond yields and also raised concerns about inflation, the index rose The dollar is 0.2%.

Regarding other precious metals, palladium fell 0.6% to $ 1913.17 an ounce and is heading towards decline for the second week in a row.

Platinum rose 1.2% to $ 813.56 an ounce, achieving a 0.9% increase since the beginning of the week, and silver rose 0.6% to $ 17.62, on the way to record the second weekly gain.

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