According to reports EconomyOnline According to ISNA, the price of an ounce of gold for immediate delivery increased by 0.8 percent to $ 1896 and 39 cents, while early trading had reached the level of $ 1899 and 29 cents.
In the US futures market, gold rose 0.7 percent to $ 1,902.70 an ounce.
According to Stephen Ince, global market strategist at Oxycorp, now that a bailout deal has been reached in the United States, gold will have enough uptrend to reach above $ 1,900 by the end of the year and even reach $ 1,925. . If we combine the bailout package with the optimism of the US Federal Reserve to keep interest rates low for a long time, we can expect that the price of gold will be well supported at least until March 2021.
The US Federal Reserve last week promised to continue its bond-buying program until it is confident of a US economic recovery.
The rise in gold came amid a growing dollar that supported the tightening of quarantine regulations around the world.
“The deteriorating coronavirus has limited global economic growth and forced central banks around the world to adopt easing monetary policies that will benefit gold,” Avatar Sando, chief commodity director at Philip Futures, wrote in a note.
According to Reuters, lower interest rates reduce the cost of holding gold and increase the attractiveness of investing in this precious metal.
In other precious metals, silver for immediate delivery rose 3.3 percent to $ 26.61 an ounce. Platinum for immediate delivery rose 0.6 percent to $ 1,042.74 an ounce. Palladium for immediate delivery rose 0.5 percent to $ 2,371.76 an ounce.