Gold Prices Surge Amid Economic Concerns
Gold prices reached $2,900 per ounce on Monday with the commencement of trading in the Asian market, reflecting ongoing economic uncertainties.
The increase in gold prices can be attributed primarily to escalating concerns surrounding trade wars. On the first trading day of the week, gold experienced a notable rise of 0.6 percent, reaching $2,902 per ounce.
Additionally, another contributing factor to the day’s gold price increase is the depreciation of the US dollar, which has fallen to its lowest point in the past two months.
Weak economic indicators relating to inflation and the labor market in the United States have further prompted this rise in gold prices, as investors seek stability in precious metals. According to Kelvin Wong, an analyst at OANDA Consultancy, “The dollar’s depreciation and concerns about the trade war have significantly impacted gold prices.”
