Gold prices rose sharply this week, reaching an eight-month high and hitting $ 1,200.00 an ounce. Strong demand for gold as a safe haven was shown when global stock markets came under selling pressure again, starting the trading week.
The chart based on US consumer demand is as sharp as the current and near-term trend of gold prices. This has caused the US dollar index to weaken recently, which also works in favor of bulls in the precious metals market. Last year, gold reached $ 1197.00 an ounce in April.
American stocks experienced solid losses or were near their lows on Monday trading day. The decline in crude oil prices is again blamed for the weakening of the share price. Nymex crude oil prices traded just below $ 30.00 a barrel. In addition, some Asian markets, including China, were closed on Monday for the Lunar New Year holiday.
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