Gold Price has recorded a new record, following the US work data that has become weaker than expected, with the direction of the forerunner to achieve weekly profits for three consecutive weeks, thanks to the increase in interest that reduces the interest by the Federal Reserve Bank later this month. The price of gold increased by 1.5% to the highest level above the $ 3600 per ounce level, to break its highest level ever of $ 3578.51 per gram, which he recorded last Wednesday, when the decrease in the number of vacancies led to the strengthening of market expectations by reducing the interest rate in September. The low borrowing costs are increased by the gravity of gold, which is also supported by a strong demand as a safe investment tool, amid concerns about the future of the Federal Reserve. Also read: Uplance has reduced the bets with the expectation of continued poor US jobs, and this indicates more weakness in the labor market, and US Treasury effects returned to their lowest levels in a few months, after the data showed on Thursday that the number of unemployment benefits has risen to the highest level since June. The possibility of reducing interest this month, although technical indicators indicate that the price of gold has reached very high levels this week, but this mineral was an increase of more than a third of the value so far this year, making it one of the best basic commodities. This last increase came after the Federal Reserve chairman Jerome Powell last month indicated the possibility of lowering interest rates. Both gold and silver have seen more than weakness over the past three years, driven by high risks in international politics, economics and world trade. The attacks of US President Donald Trump on the Federal Reserve increased this year, which expressed concern about the independence of the central bank, as the president promised to obtain a majority in the Central Bank board “soon” and lower interest rates. Also read: The Wall Street strategy is monitoring increasing concerns about the independence of the ‘federal’, but some of these concerns have disappeared after Stephen Miran, who preferred Trump to fill a position in the Federal Reserve Governor’s Council, said during a Senate Committee on Thursday that the most important tasks of the central bank are to prevent economic crisis and high inflation. Miran confirmed his dedication to the independence of the central bank, with his confession until his continued position in the White House. Investors are also awaiting a historical statement about whether US President Donald Trump has the right to dismiss Lisa Cook, a member of the bank’s Governor’s Council, which enables him to appoint an alternative for accepting a more liberal monetary policy. Gold is a candidate to reach $ 5,000, and in this context, the analysts of the group ‘Goldman Sachs’ wrote in this week’s note that the price of gold could reach $ 5,000 to the grams if the independence of the federal bank was affected and a small part of investor investments from Treasury bonds moved to precious metals. Also read: Gold prices could rise to $ 5,000 in this case, and in return, silver performance was more impressive this year as the price rose by more than 40%. The price exceeded $ 40 per gram for the first time since 2011. Silver is one of the valuable minerals due to its value as financial origin and industrial purposes in renewable energy technologies, including solar panels. As a result, the Silver Institute expects the silver market to see a deficit in the offer for the fifth year in a row. Investors have increased the investment funds distributed on the stock exchange based on silver, as the portfolio of this funds for the seventh consecutive month was expanded in August. It drained the silver stock available in London, causing a market deficiency. Silver rental prices, which reflect the cost of borrowing for a short period, rose to more than 5% this week, bypassing their normal levels nearby. *Prices have been modified to reflect market movements
Gold rises to a new standard level after US work data
