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Gold Prices Have Again Reached A Record High

Gold Prices Have Again Reached A Record High

Gold prices have updated a record high on the back of increased demand due to concerns about tensions between Washington and Beijing and the situation with the coronavirus pandemic.

August gold contracts on the New York Mercantile Exchange (NYMEX) rose 1.64% to $1928.7 an ounce. Previous trading quotes ended at a historical high of $1897.5 per ounce.

The growth in demand for gold is also fueled by investors ' concerns about the consequences of escalating contradictions between the US and China. The Chinese Foreign Ministry on Monday said that the United States Consulate General in the administrative center of the Chinese province of Sichuan, Chengdu, has officially stopped working. Its closure was announced last Friday, July 24.

Earlier last week, US authorities ordered the closure of the Chinese Consulate in Houston (Texas).

Silver prices also continue to rise and exceeded the level of $24 per ounce.

By 9: 21 Moscow time on Monday, quotes for September contracts rose by 6.24% to $24.28 per ounce.