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The price of gold lost its previous gains of around 1.3% on Monday, amid NSE pressure of -1.02% amid fears a new coronavirus hit the markets and tight restrictions in place.

Spot gold fell 0.3% to $ 1,874.91 an ounce at 11:15 a.m. GMT, its highest level since November 9 at $ 1,906.46. The US gold futures fell 0.6% to $ 1,877.70. “Usually it's a feeling of risk. Forex and business markets are low. The new strain of the virus has created new uncertainties in the market and we are seeing a significant increase in risk, ”said Xiao Fu, an analyst at Bank of China International.

"In these cases, gold should win as a safe bet, but generally in these cases we see the dollar stealing the show." The dollar index rose more than 1% and then hit a low again a week later when news of the mutated coronavirus dropped the pound and the euro.

European currencies also collapsed as a result of a severe UK shutdown that sparked unrest among families and businesses a few days before the country left the European Union.

Prices rose more than 1% at the start of the session after reports that church leaders in the US reached a $ 900 billion package on Sunday to help a stagnant US economy.

“The US financial package supports inflation expectations. As a result, the US 10 Tips return has fallen sharply since September. The real price decline is good for gold, ”said UBS analyst Giovanni Staunovo.

For other metals, silver rose 1% to $ 26.02 an ounce, hitting a high of $ 27.38 since September 16, palladium fell 1.7% to $ 2,321.36, and platinum fell 4.7% up to $ 987.58.

“With Europe suffering from travel restrictions again, the platinum market could suffer as it is more heavily influenced by Europe. Therefore it is at risk and steel suffers from a weaker base, ”added Staunovo from UBS.For such kind of news visit : Assignment Help

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