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The Sino-US relationship is getting more tense … and gold reaches its highest level since 2011: 24-07-2020

News Date: 24/7/2020 08:22:43
 

Gold futures rose by the end of the week by 0.28%, which was fought in August at a price of $ 1884.8 an ounce, as it was traded earlier, with an expected price hike of up to $ 1897.70 an ounce, and it is expected that gold will find support points at 1806 $ 60, and resistance at $ 1897.70.

Thus, gold recorded its highest level in nearly 9 years – since 2011-, supported by the increasing investment demand towards it, as it is for them a “safe haven”, and also because of the deterioration that the world economy as a whole defines due to the pandemic, without forgetting the electrifying relationship that exists between each of China and America.

On the other hand, silver futures contracts for September delivery declined by 1.08%, to be traded at $ 22,740 an ounce, and it is also preparing for the biggest weekly advance.

 

The US stock indices ended yesterday’s trading with a decline, as the Standard & Poor 500 Index fell by 1.23%, while the Nasdaq index fell twice more than the standard, which is 2.29%, thus it recorded losses in more than one sector : the services sector Consumerism, obedience to health services, technology sector.

 

The People’s Bank of China today set the exchange rate of the Japanese yen against the US dollar at 6,9938, after it set it yesterday at 6,9921, which negatively affected its foreign relations, especially America, as the Bank of China affects the US dollar, where Uses a fixed exchange rate policy.

The euro pair rose against the US dollar by 3.3% to reach the level of 1,1598 dollars, while the British pound fell by 0.2% against both the dollar and the euro to the level of 1,2721 dollars.

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