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Gold prices stabilize near the level of 1800 dollars an ounce, why?

Gold prices fell slightly and settled near the level of 1800 dollars an ounce during trading on Monday, in light of the weakness of the US dollar, which is affected by concerns about trade tensions between the United States and China, which appeared on the scene today.
During Monday’s trading, the spot contracts for the metallic gold recorded about 1798 dollars an ounce. The gold futures contracts also stabilized and recorded levels of 1799 dollars an ounce.
The US dollar index, which measures the performance of the US currency against about 6 currencies during today’s trading, has stabilized below levels of 92.60 points, and scored about 92.59 points in conjunction with the stability of the yield on US bonds. The rise in the dollar pushes gold prices down, and vice versa, but this relationship is currently affected by developments Corona virus and risk appetite in the markets.
Gold prices stabilized significantly during trading today, Monday, near the level of 1800 dollars an ounce, taking advantage of concerns about trade tensions between the United States of America and China, as another high-level meeting between American and Chinese officials concluded today, Monday, with criticism from both sides, and before the end of the talks, the Ministry of Foreign Affairs said Chinese Vice Foreign Minister Xie Feng told US Deputy Secretary of State Wendy Sherman on Monday that the two countries’ relationship is now at an impasse and faces serious difficulties.
One of the officials in China stated that the United States should cancel US sanctions and tariffs imposed on China, in addition to the fact that China’s development is neither a challenge nor a threat to the United States, and these hostile statements raise market concerns and support gold prices.
In addition, gold prices rose with increasing global concerns about the Corona virus and the new delta mutator, which is hitting many countries in the world and may threaten the pace of global economic recovery again during the current year, especially after the high rate of new delta mutated infections in many countries such as Britain and Russia And the United States of America and many European countries, which may threaten the recovery of the global economy strongly during the current year.
It should be noted that almost since the beginning of the year, the demand for gold as a safe haven has decreased with the slowdown in the outbreak of the Corona virus in the United States of America, in addition to the fading of fears about the global economic recovery significantly, which led to the decline in gold prices below the levels of $ 1,700 an ounce. In light of the rise of the US dollar with the rise in the yield on US bonds, and optimism about the rapid recovery of the US economy from the repercussions of the Corona virus.
Among the prices of other metals, silver metal contracts rose during today’s trading by 0.22%, and recorded about $25.288 an ounce, while palladium metal contracts rose by 0.46%, and recorded about 2674.75 dollars an ounce.

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