Gold prices hit record highs, as the dispute between the United States and China intensified, while a weak dollar pushed investors to seek safety in the yellow metal as a hedge in the face of risks to the global economy, which suffers from the Covid-19 pandemic.

And gold jumped in immediate trading to a record level at 1945.16 dollars an ounce (ounce) before retreating slightly to 1935.80 dollars in the late trading session, but it remains 1.8 percent above its level at the beginning of the session.

Gold in US futures rose 1.8 percent to settle at the settlement of $ 1931.00 an ounce.

Silver joined the bullish trend and jumped up to 8 percent to $ 24.57 an ounce, the highest level since August 2013. At the end of the session, silver was 6.98 percent higher at $ 24.33.

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 includes keeping interest rates low for a longer period.

And platinum rose 2.1 percent to 933.80 dollars an ounce, while palladium rose 3.2 percent to 2289.50 dollars an ounce.

Source: Agencies

By:Nadeemy Haded

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