Gold
prices climbed to their highest level since 2011, in light of the continuing
factors that increased the demand for safe havens in the financial markets,
foremost among which is the decline in the levels of the US dollar against
major currencies.
The
intraday gold prices recorded the highest level since September 2011 at $1865.75
an after it opened trading today at the level of $1840.76 per ounce, recording
four consecutive sessions of gains.
Meanwhile,
the US dollar is suffering from a decline against the major currencies, as it
recorded its lowest levels in 4 months with continued confusion and lack of
clarity in the performance of the American economy, which received a strong
blow from the Corona pandemic.
The
dollar index, which measures the performance of the federal currency against a
basket of major currencies, was able to rise today after three consecutive
sessions of decline to trade at 95.37, while it opened today's trading at the
level of 95.07.
Investors
are continuing to seek safety as the number of infections and deaths in the
United States continued to rise, while Congress is struggling to agree a new
stimulus bill after the end of the current draft at the end of the month.
On
the other hand, the continuing turmoil in US-China relations may also be
supportive of gold. The standoff witnessed the worst this week after the US
Justice Department accused China on Tuesday of sponsoring infiltrators
targeting the Covid-19 vaccine development lab on Tuesday.
Later in the day, the
U.S. will release existing home sales for June, as well as the EIA weekly US
crude stocks report.