Gold at an 8-Week High Due to Concerns About More Restrictions Due to Coronavirus

Gold prices began the new year at a high level and rose to a peak of eight weeks Monday, as gold’s appeal as a safe haven was strengthened by the increase in COVID-19 infections and the possibility of tighter restrictions imposed to contain the pandemic.

And gold rose in the spot market 1.1% to 1919.11 dollars an ounce. Earlier recorded the highest level since the ninth of November at 1925.05 dollars.

And gold futures contracts in the United States rose 1.6% to 1925 dollars.

There were doubts that the global economy would recover quickly after a business sector survey showed that the pace of growth in China’s industrial sector slowed in December.

The decline in the US dollar makes gold less expensive for holders of other currencies.

As for other precious metals, silver gained 2.2% to $ 26.93 an ounce, platinum rose 1.4% to $ 1083.42, and palladium rose 0.1% to $ 2,451.78.