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Gold grows amid demand for defensive assets


July, 26 2021
watermark Economic news

Gold prices rallied on Monday amid rising demand for the defensive asset amid a weakening dollar and concerns about rising coronavirus cases. The current price of the precious metal is $1802.40 per troy ounce, during the day the price rose to $1811.14. Gold is gaining support from risk-free sentiment as equity markets and the dollar decline.


At the same time, investors are awaiting the outcome of the US Central Bank meeting on Tuesday and Wednesday. The Fed's press conference should provide more clarity on the future monetary policy of the regulator. And any pigeon news from Jerome Powell and his team will be seen as positive for gold prices.


As for other base metals, palladium rose to $2706 an ounce, while silver gained $25.49 an ounce. Platinum fell 0.28% to $1,072.30.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.