• With expectations of a rapid recovery of the economy ... Gold plunges 1.6% and the dollar is recovering


    ​Gold fell more than 1.5 percent today, Wednesday, in parallel with the rise of the dollar and a strong recovery of the US manufacturing sector, which fueled expectations for a rapid recovery of the economy hit by the Coronavirus.

    At 1750 GMT, the spot price of gold was down 1.6 percent to 1939.66 dollars an ounce. And US gold futures fell 1.7 percent to $ 1944.70 at settlement.​
    According to "Reuters," Edward Mayer, an analyst at ED & F Man Financial Markets, said, "The main factor is the rise in the dollar. (Gold) is moving completely against the direction of the dollar today," adding that the good US factory orders for July hit the metal. Also.
    The dollar rose 0.5 percent, away from its lowest level in more than two years, which it hit during the previous session.
    But gold has remained up about 27 percent since the start of the year.
    In other precious metals, silver fell 3.2 percent in spot transactions to $ 27.27 an ounce, and palladium fell 1.3 percent to $ 2243.19.
    Platinum fell 4.2 percent to $ 901.62 an ounce, after earlier touching its lowest price in nearly two weeks.​​

© All Rights Reserved for Asharqia Chamber