Gold rises as safe haven amid economic turbulence

14.04.2020 - Evdokimov Roman
Gold rises as safe haven amid economic turbulence

Gold prices carried gains well from the previous session and regained its status as a safe-haven commodity as the COVID-19 pandemic continues to disrupt global economy.

Gold Futures reached record levels on Monday and rose by 0.35% to $1,797.6 per ounce at 9:25 PM ET (2:25 AM GMT). The rise comes as investors subscribed to the precious metal amid fears brought about by worsening economic news.

On Thursday, the United States reported that over 16 million people had claimed unemployment since March 21 after the pandemic severely affected companies and businesses.  

Over the unemployment claims, the U.S. Federal Reserve bank announced a massive $2.3 trillion stimulus package to stave off a recession.

The economic news proved to boost gold prices as uncertainty in equity markets saw it as a safe-haven commodity.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue
×

Help with deposit?