• Gold is dropping from the highest level in 8 years


    Al-Eqtisadiah from Riyadh

    Gold fell today, Thursday, to close to an eight-year high near to the previous session, as sales in stock markets driven by a high incidence of Coronavirus infection encouraged investors to abandon assets, according to Reuters.​

    And gold fell in spot transactions 0.1 percent to 1760.62 dollars an ounce, after rising to its highest level since October 2012 at 1779.06 dollars yesterday, Wednesday.​

    And gold fell in US futures 0.1 percent to $ 1773.80.
    "The behavioral pattern we've seen this year is that when stocks and energy decline, there is a rush to cash across all asset classes, including gold," said Jeffrey Haley, market analyst at Oanda.
    Asian stock markets have retreated due to the high incidence of coronavirus infection in the United States and the International Monetary Fund lowering economic expectations, which pushed money flows to the alternative safe haven, the dollar.​
    Gold has moved in parallel in parallel with the stock markets this year, while large sales are leading to a stampede towards cash at a time when traders are covering marginal positions.
    Three US states announced record increases in new infections on Wednesday.
    There were gains in other countries as well, including Brazil, Latin America, and India, and it is also the second-largest consumer of the precious metal in the world.
    For other precious metals, palladium jumped 1.1 percent to $ 1884.49 an ounce, platinum gained 0.3 percent to $ 802.41 and silver rose 0.2 percent to $ 17.55.​

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