Gold Prices Hit A New World Record as Dollar Drops

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Gold prices rose globally to record levels on Monday, as the dispute between the United States and China intensified, while a weak dollar pushed investors to seek refuge in the yellow metal, a safe haven, in the face of threats to the global economy, which suffers from the "Covid-19" pandemic.

And gold rose in spot trading 1.6% to 1931.50 dollars an ounce by 0627 GMT, after setting a record at 1943.93 dollars. And gold gained in futures trading in the United States 1.6% to 1927.50 dollars.

This comes after gold prices in Egypt achieved record levels in recent days with the continuation of its rise globally, and thus gold prices have become at the highest historical levels locally and globally.

Silver joined the bullish trend and jumped more than 6% to $ 24.36, the highest level since September 2013.

Sony Kumari, commodity strategist at ANZ, said gold was "in an excellent position to move up" amid the virus crisis and central banks seeking liquidity.

"It gets more support from lower yields, a weaker dollar, and geopolitical tension between the United States and China. Demand for (gold) safe havens is increasing while there is no longer demand for the US dollar," she added.

The US currency fell to its lowest level in nearly two years with increasing bets that the Federal Reserve will signal another policy shift towards easing when it meets this week, which involves keeping interest rates low for a longer period.

Platinum rose 2.1% to 933.07 dollars, and palladium gained 1.4% to 2250.47 dollars, according to the agency.