2023-07-04 11:20:00
© Archyde.com For these reasons, gold prices rose significantly during today’s trading
Arabictrader.com – Gold prices achieved a strong rise during today’s trading, supported by the increasing demand for a metal as a safe haven, on the sidelines of the negativity of some US economic data, which reinforced fears of the possibility of an economic recession, in addition to the warnings of Russian President Vladimir Putin regarding the increasing possibilities Regarding the outbreak of conflicts, amid the escalation of geopolitical tensions between Russia and Ukraine due to several developments that contributed to the increase in demand for gold as a safe haven.
Gold prices now
On the sidelines of the yellow metal’s standard trading today, spot gold contracts rose by 0.40% and reached $1,929.35 an ounce. At the same time, it rose by 0.40% and settled near the level of $1,937.30 an ounce.
Below we review the most important factors supporting gold prices
And gold prices enjoyed a noticeable turnout during today’s trading, amid the warning statements of Russian President Vladimir Putin regarding the global economic and political situation, and in this way; Putin warned of the escalating risks of a global economic crisis, and stated that the possibility of conflicts is increasing, adding that his country will stand once morest sanctions and provocative actions, and this in turn reinforced the rise in gold prices as it is one of the safe havens that investors resort to in cases of economic crises.
Also, the gold metal enjoyed clear support that helped it increase its prices during the day’s trading, in light of the escalation of tensions between Russia and Ukraine once more, as the spokeswoman for the Russian Foreign Ministers, Maria Zakharova, today accused Ukraine of committing another terrorist act, especially following Ukraine sent drones. over the Moscow region, attacking the infrastructure, describing it as a terrorist act, given that it commits these attacks with weapons provided by the West with Western money, thus raising market concerns regarding the possibility of a further exacerbation of the political situation between the two countries, and this in turn provided support for gold prices.
In addition, gold prices rose clearly during today’s trading, supported by the negativity of some US economic data, which had a role in increasing demand for gold, and according to data issued by the American Institute for Supply Management, the ISM manufacturing index inside the United States recorded a negative reading once. Another month for last June, when the index recorded only 46.0 points, which is worse than market expectations that indicated a growth of regarding 47.2 points during the same period, and this increased fears regarding the possibility of the United States being exposed to an economic recession, which contributed to the rise in gold prices during trading as a haven. security.
other precious metals prices
In terms of other precious metals transactions other than gold, spot contracts achieved a remarkable increase by 0.48% and reached 23.03 dollars, and contracts rose by 0.92% and recorded regarding 922.51 dollars, and in addition to that, it increased by 0.31% and reached 1,249.70.
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