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Gold has risen to a high in 7 years


February, 20 2020
watermark Economic news

Gold prices rose to a maximum in 7 years due to fears that an outbreak of coronavirus will slow down global growth, as well as amid rumors that the US Federal Reserve will cut the interest rate by the end of the year.


At the auction on February 20, the price per troy ounce of gold amounted to $1,621.45 – a similar price of gold was fixed at the beginning of 2013.


Although the number of new cases of coronavirus infection is declining, signs of deepening economic damage from the epidemic continue to put pressure on markets. Moreover, two deaths were recorded in Iran, which indicates the active spread of the disease outside of China.


The minutes of the last meeting of the US Federal Reserve showed that the regulator can leave rates unchanged for several months of 2020, but traders predict at least one decrease in 2020.

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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.