Gold price reached 9-year high, this has caused panic

New Delhi In the international market, the price of gold has reached a 9-year high in the previous session. Investors are currently in a tizzy due to increasing cases of Coronavirus. Due to this, they are investing in such a place, so that it does not have any kind of effect on it.

The biggest jump since September 2011
In the US market, the price of gold has gone to $ 1817.23 an ounce, which is the biggest jump since September 2011. American gold futures are priced at $ 1817.80 an ounce.

Our partner website zeebiz.com According to him, there is a big reason for the rise in gold prices. After the European Union released the 750 billion euro economic package, there has been a boom. Also in the US Congress, Republican senators are demanding a trillion dollar relief package, which will be effective for people fighting the Corona virus.

Gold benefits from extensive stimulus measures from central banks as they generally curb inflation and the metal is widely seen as a hedge against rising prices and currency weakness. Rising coronovirus cases in the United States and elsewhere have intensified fears over a global economic recovery, driving driving flows into safer-assets.

On Monday, SPDR Gold Trust’s holding rose 0.4% to 1,211.86 tonnes. Silver also rose 0.2% to $ 19.95 after September 2016. IG Markets analyst Kyle Rhoda said, “Silver is outpacing gold here. On the one hand, it is clearly appreciating on the basis of appeal for precious metals. On top of this, silver is on a rebound in global industrial activity. There is likely to be an element of catch. “

Palladium was steady at $ 2,055.35 an ounce, while platinum fell 0.3% to $ 841.57.

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