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The Price of Gold is Rising Due to the Coronavirus


The price of gold is rising due to concerns about the growing number of people infected with coronavirus in the world, according to stock market data.

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December futures for gold on the New York Mercantile Exchange rose 0.11% or 2.05 USD to 1,910.95 USD per ounce. Silver futures for December delivery rose 0.83% to $ 24.42 an ounce.

Rising precious metal prices have been fueled by concerns about a global economic recovery in a raging pandemic. In Europe, where many countries record a record number of new infections every day, new strict restrictions are being introduced. Earlier this week, French President Emmanuel Macron said a second wave of coronavirus had begun in the country and imposed curfews in many cities. Measures to strengthen control over the spread of the deadly virus have also been introduced by the United Kingdom.

Uncertainty over talks on the US economy package also affects trade. Despite recent statements by President Donald Trump, the prevailing opinion in the markets is that no decision will be made until the presidential election in early November. On October 15, Trump submitted a proposal to increase the amount of the package. Earlier, the administration spoke of $ 1.8 trillion in aid.

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