Strong Rise in Gold Prices

Strong Rise in Gold Prices

Gold prices jump after last week's wave of virus sales Gold prices jumped with the support of safe port purchases coming at troubled times after catching a wave of virus-induced sales coming from stock to commodity to all asset classes last week. Metal has risen over the weekend after very negative developments, including predictions that there may be severe increases and severe fluctuations in coronavirus cases worldwide. With the growing expectation that central banks will take action, other assets, including stocks, copper, and oil, also gained value on Monday. The sharp decline seen on Friday was mainly due to the sales made by investors to cover losses in other markets. "The key indicators of gold are remarkably strong and short-term price corrections are not important when looking at the big picture," said MineLife Pty senior resource analyst Gavin Wendt. It wasn't that bad when it was received. Therefore, it can be said that gold passed the safe harbor examination. " Gold plays a protective role for portfolios in times when its stress is increasing, and it is an asset that investors turn to and when markets want to avoid risk. However, there is the possibility of investors turning to gold sales in times of excessive turmoil, as on Friday and similar to during a certain period of the financial crisis in 2008. Spot gold rose 1.3 percent to $ 1,606.68 an ounce, then rose to $ 1,603.98 at 6:32 am London time. The metal moved down at the beginning of the Asian session. Prices fell as much as 5 percent on Friday.