News Item part 3

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World Gold Price Soars to Highest Level, Impact of US Stimulus

World gold prices experienced a high increase, even shot at the highest level since the last few years. This is driven by the many fiscal stimulations carried out by the United States to combat the weakening economy as a result of the Covid-19 pandemic. Meanwhile, the weakening US Dollar then provided further support.

Quoting from CNBC, Wednesday (9/12/2020) it is known that the price of gold in the spot market increased by 0.4 percent to 1,871.65 US dollars per ounce. Previously, the price of gold touched 1,875.07 US Dollars per ounce. This figure is the highest number since November 23, 2020.

Meanwhile, US gold futures closed at 1,874.90 US dollars per ounce, which means it strengthened to 0.5 percent. Increasing the attractiveness of gold to holders of other currencies, the Dollar Index is trying to contain its decline.

With the soaring number of positive COVID-19 patients, this week the US Congress will vote on the funding bill. These voting rights were not granted directly to allow sufficient time for other MPs to form a proper agreement regarding Covid-19 assistance.

Gold which has been considered as a hedge against inflation. Soared to touch the 23 percent mark so far. The gold owner then benefits from this situation. Especially in difficult times like now, banking interest rates are close to zero and the risk of inflation is rising.

So that it can encourage a large-scale stimulus globally. Meanwhile, other types of metal also experienced price changes. Some have increased and some have decreased.

Silver itself is one of the metals that experienced an increase this week, reaching 0.6 percent compared to the previous week. Meanwhile, palladium decreased by 0.7 percent compared to the previous few wees.