International Gold Price Surpasses $2000 Per Ounce Again After One Week

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] International gold prices once again surpassed $2,000 per ounce on the 18th (local time).

According to Bloomberg News, the December delivery gold price on the New York Mercantile Exchange closed at $2,013.10 per ounce, up 0.72% ($14.40). After reaching $2,069.40 on the 6th, gold prices plunged 4.6% on the 11th, but have now risen above the $2,000 mark again within a week.

The weaker dollar, increased demand for safe-haven assets due to US-China tensions, and worsening US Treasury yields appear to have driven gold prices higher. On the day, the dollar index fell 0.6% from the previous day to 92.2710, marking its lowest level since May 2018. The US 10-year Treasury yield remained down at 0.67% compared to last week.

Market participants expect gold prices to be determined by the future course of US-China conflicts, the trend of the dollar index, and negotiations on economic stimulus measures.

International oil prices remained steady. On the New York Mercantile Exchange (NYMEX), September delivery West Texas Intermediate (WTI) crude oil closed at $42.89 per barrel, unchanged from the previous day.

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