GOLD RISES IN PRICE ON WEAKENING DOLLAR

Posted 23 December, 2021

The price of gold on Thursday morning is growing amid the weakening of the dollar against world currencies, fears around the coronavirus also support the price of the precious metal, according to trading data.

As of 8.23 ​​Moscow time, the price of the February futures for gold on the New York Comex exchange is growing by 0.31%, or 5.65 dollars, to 1807.85 dollars per troy ounce. March silver futures are up 0.39% to $ 22.907 an ounce.

The dollar index (its exchange rate against a basket of currencies of six countries - the main trading partners of the United States) on Wednesday dropped by 0.4%, on Thursday - decreased by 0.04%, to 96.04 points. A weaker dollar supports the value of gold, which then becomes more readily available when purchased in another currency.

The continued uncertainty surrounding the coronavirus situation is also generally positive for the precious metal, which has traditionally been considered a more reliable asset. In a number of countries, there are high rates of infection, which leads to tightening of quarantine restrictions by the authorities. So, on Wednesday in the Chinese city of Xi'an, the authorities announced a quarantine against the backdrop of an increase in the incidence of COVID-19.

At the same time, traders in the stock and foreign exchange markets are more inclined to take risks after the strong macroeconomic statistics in the US, as a result, Wall Street stock indices rose 0.7-1.2% on Wednesday, and the traditionally more reliable dollar is depreciating.

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