Records Record with Gold Safe Port Request – Cyprus Newspaper
The price of ounce of gold increased to $ 3,245 and reached the highest level of all time. The value of gold since the beginning of the year has exceeded 20 percent. Investors are turning to safe ports due to the rapidly changing trade policies of US President Donald Trump.
Gold reached a record level with US President Donald Trump’s latest statements about tariffs, increasing the orientation to safe port assets.
Blue gold, on Monday $ 3,245 over Friday, the previous record broke on Friday. Gold, which gained more than 6 percent value last week, received support from the decline in the dollar.
Trump implies that new taxes on Sunday after bringing temporary tax exemption to consumer electronics products.
Trump’s sudden changing trade policies cause major fluctuations on US stocks, bonds and the dollar, while investors are turning to safe ports because of their fears of global recession.
« Gold is an undisputed winner, » said Chris Weston, President of Pepperstone Group. Weston said that some investors hesitated to get the gold because he was extremely valuable, but he found it too strong to get a short position ”.
Another point that the market follows this week is how the world’s largest central banks will approach the global appearance. Monetary relaxation steps are expected from Singapore and European Central Bank. The decrease in interest rates is often a positive development for assets such as gold that does not bring interest.
Spot Gold was traded for $ 3,236,27 per ounce as of 10:42 with Singapore time. The Bloomberg Dollar Spot Index fell by 0.2 percent to the lowest level since October. Silver value decreased, platinum and palladium rose.
