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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

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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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.