Coin, gold and currency re-peaked after sharp fluctuations

After the sharp fluctuations of the coin, in Tuesday evening transactions, the price of the coin exceeded the channel of 10 million Tomans.
The pre-purchase price of US gold per ounce reached $ 1807. The reopening of businesses and rising tensions between the United States and China have pushed up the exchange rate.

According to the Gold Cafe , after the sharp fluctuations of the coin on Monday, which marked the sharpest daily drop in the last 20 months, in the 16:00 trading on Tuesday, each coin of the new design was traded in the Tehran market at a price of 10 million and 200 thousand tomans. And compensated 550 thousand tomans from the fall on Monday.

Yesterday, at the same time as changing the direction of the dollar, it returned to the channel of 10 million Tomans. The 5.7 percent increase in the price of this precious metal yesterday was often influenced by the movement of the domestic dollar exchange rate rather than the direction of global gold. World gold yesterday, contrary to its usual trend, was accompanied by other commodities and decreased. While growing concerns about the new corona wave could push the ounce of gold above $ 1,800 and support the coin.

Gold became more expensive again

The price of gold in the global market on Tuesday was close to its highest price in the last eight years due to the increase in the number of coronavirus cases worldwide and at the same time with the release of the report on the improvement of the US service industry.

According to the Gold Cafe , yesterday, the pre-purchase price of an ounce of US gold increased by 0.88% to $ 1807.

But the highlight of the day today was the Spot Gold Index approaching $ 1,800 a ounce in gold on the London Stock Exchange, which is unprecedented in the last eight years. Spot Gold rose 0.67 percent to $ 1796.09 today. This is the highest record of this index since November 2011. This is only a few dollars away from the $ 1800 level, which will have a huge psychological impact on the market.

The dollar rose in the wake of tensions between the United States and China

Rates also increased slightly during yesterday's trading in the foreign exchange market. Bank exchanges bought each US dollar at a price of 21,500 Tomans and sold it equivalent to 21,650 Tomans, which is an increase of 250 and 200 Tomans, respectively, compared to Monday's transactions.

Although macroeconomic indicators have improved with the gradual reopening of the economy, the Fed chairman has said that there are significant challenges to the economy.

With the reopening of businesses, we have witnessed an escalation of the corona outbreak , and in some parts of China, travel restrictions have been re-imposed to prevent further outbreaks of the corona virus, which Chinese health officials say behaves differently from the original virus. According to Chinese officials, the new corona virus has entered China via Europe. Restrictions have been put in place in some parts of the UK and Australia to prevent further corona outbreaks.

Rodrigo Cartel, a foreign exchange strategist at the National Bank of Australia, said a resurgence in the number of Covid-19 sufferers around the world could lead policymakers to change the policy of reopening economies, which would be very bitter for markets. We need to know what the impact of the first phase quarantine has been on economies, especially the US economy.

A new round of US-China tensions over Hong Kong could now spill over into the currency sphere, with some informed sources saying a number of US government officials have suggested to Trump that he abolish the Hong Kong dollar against the US dollar. However, some experts are concerned that such a move could put pressure on China to sell back some of its US Treasury bonds.

China is the second largest holder of US Treasury bonds in the world, after Japan, but has not yet used the weapon. Meanwhile, US Secretary of State Mike Pompeo has announced the possibility of banning popular Chinese apps such as Tic Tac to the United States