Gold prices falls due to the recovery of global stock markets
Last Updated on September 29, 2020
Gold Price: 29th September 2020
Gold prices retreated in the European market on Monday, to deepen their losses for the second day in a row, recording the lowest level in two months, due to the recovery of most global stock markets, in light of the improvement of risk appetite among trading investors for hopes of approving a new fiscal stimulus in the United States.
Gold prices fell by more than 0.6% to $ 1,848.58, the lowest since July 22, from today’s opening level of $ 1,860.21, and reached the highest level at $ 1,865.94.
On Friday, gold lost 0.3%, its fourth loss in the last five days, due to the rise of the US dollar against a basket of global currencies.
On the level of last week’s transactions, gold prices lost 4.5%, in the first loss in the last three weeks, and by the biggest weekly loss since last March.
Gold prices fell due to the USD increasing demand
The worst weekly loss in six months returned to investors focusing on buying the US currency as the best alternative investment, in conjunction with a wave of selling in assets in search of securing the safety of the dollar’s liquidity due to a sharp downturn in global stock markets.
In the first session of this week, most of the stock markets in Asia and Europe recovered, after a broad rise in US stocks on Wall Street, thanks to an improvement in investor risk appetite, in light of the increasing hopes of approving a new fiscal stimulus in the United States.
On Sunday, the President of the US House of Representatives, “Nancy Pelosi,” said that an agreement could be reached with the White House on the new financial package for Coronavirus relief and that talks were continuing between the two parties.
Gold holdings in the SPDR Gold Trust, the largest global index fund backed by gold, fell on Friday by 0.3 metric tons, bringing the total to 1,266.84 metric tons.
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