Strong rise .. Gold prices record a new historical summit

The price of gold witnessed stable movements during trading today, Thursday, but the prices of the precious metal quickly jumped during trading to record a new historical summit, while exacerbating fears of the deterioration of economic activity in the major economies of the world.
Besides, the estimated data of economic growth in the United States has strengthened market fears about the future of US economic performance, which strengthened the demand for the acquisition of gold as a safe haven.

The growth of the American economy

In this regard, the official data showed 2.3% during the fourth quarter, which came less than the market expectations that suggested the registration of GDP growing by 2.6%.
The previous reading of the local product witnessed a growth of 3.1% during the third quarter of last year.

Accordingly, it is expected that the American federalism is expected to adopt a less strict policy, that is, it continues to reduce interest, fearing that the economy will be damaged due to high interest levels, and therefore, the dollar may decrease in favor of the rise in green currency.

Gold is a resort to hedge

On the other hand, investors have found the purchase of gold contracts as a resort to hedging from the risks of weakening global economic activity, as the United States is the largest economic power in the world, and this strengthened the rise in gold prices in trading today.
In terms of trading today, the prices of the immediate contracts for the gold metal increased by 0.95% to record $ 2,785.11 an ounce.
Meanwhile, the future gold contracts jumped April, in a strong way and about 1.29% to 2,829.56 dollars an ounce.