The gold prices sank more than 2% on Mondaybecause investors They took refuge in the dollar worried that US tariffs cause a world recession.
The analysts, however, were favorable to the ingots given the difficult economic conditions.
Cash gold dropped 2.4%, to 2,963.19 dollars an ounceafter touching a minimum of almost four weeks of $ 2,955.89 at the beginning of the session. The American gold futures lost 2%, at 2,973.60 dollars.
“Gold goes back as investors resort to cash and other safe assets such as the Swiss Franco and Japanese in the midst of market agitation, which creates the risk of deeper corrections,” Said Nikos Tzaburas, market analyst at Tradu.com.
The dollar moved away from a minimum of six months
The dollar rose in front of its rivals, moving away from the minimum of six months of last week. A stronger green ticket makes gold more expensive for buyers with other currencies.
“We are suffering a lot of tension in the gold market due to concern for liquidity and coverage of margins by speculators,” said Bart Melek, head of Raw Materials Strategies Securities.
The main stock market indices fell into a very volatile wheel after the president of the United States, Donald Trump, warned of a 50% tariff to China If you do not withdraw those you announced in retaliation.
What happened to other metals
Silver in cash rose 0.5%, at $ 29.71, the ounce, recovering from a minimum of almost seven months of the first hour of the day.
He Platinum in cash fell 1%, at $ 907.09, while The paladium fell 0.9%, to $ 903.19.
Source: Ambito
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