On Tuesday, July 7 in the course of trading on the new York Mercantile exchange Comex the price of July futures on gold reached $1803,3 per Troy ounce (31.1 grams) – the highest level since September 21, 2011. About it reports “Kommersant”.
Strong growth of the precious metal continues from the end of last year. During this time gold has risen by 18%, despite the fact that silver and palladium rose, while platinum is even cheaper.
Quotes of the yellow metal pushed up as the strained relations between the US and China, and monetary policy to stimulate national economies by financial regulators. According to Bank of America, in the countries “the Big twenty” (G20) program of assistance exceeds $7 trillion. So, the US government pumped into the national economy of $3.7 trillion, Europe – $1.7 trillion. In parallel, Central banks lower interest rates, and the Federal reserve lowered the rate almost to zero, is considering negative rates.
The rapid rise in gold prices is associated with fears of a second wave of the pandemic coronavirus. Investors fear that a new wave COVID-19 will force the national government to again tighten quarantine, which will lead to even more severe economic collapse. Uncertainty about the future of the global economy pushing investors to invest in reliable and proven assets.