The Price Of Gold Reached A Record Level On Asian Exchanges
The price of gold on Asian exchanges reached a record level of $1,923 per Troy ounce on Monday, amid uncertainty about the exit of countries, primarily the world's largest economy, the United States, from the crisis in connection with the coronavirus pandemic.
The price of the precious metal, which investors tend to be more interested in such conditions, increased by 1.1% on Monday and reached a historic high when the dollar fell. This happened amid concerns about the prospects for the US economy and the deteriorating relations between Beijing and Washington, the publication points out. This trend has been observed for several consecutive trading sessions. The current situation was also affected by recent reports from the United States, where 62 thousand new cases of coronavirus infection were recorded, in particular, in the States of Florida, Tennessee, and Arizona.
"Markets are sensitive to reports of both the spread of coronavirus and rising tensions, and [investors] prefer gold to hedge against this kind of uncertainty," the newspaper quoted Ken Zhang, an expert at Japanese Bank Mizuho, as saying.
An outbreak of the new coronavirus disease was recorded in late 2019 in Central China and has spread to most States. On March 11, the world health organization recognized it as a pandemic. According to the Johns Hopkins University, which conducts calculations based on information from Federal and local authorities, more than 4.22 million cases of coronavirus infection were recorded in the United States, and almost 147 thousand people died.