Gold has risen to a high in 7 years

Gold prices rose to a maximum in 7 years due to fears that an outbreak of coronavirus will slow down global growth, as well as amid rumors that the US Federal Reserve will cut the interest rate by the end of the year.

At the auction on February 20, the price per troy ounce of gold amounted to $1,621.45 – a similar price of gold was fixed at the beginning of 2013.

Although the number of new cases of coronavirus infection is declining, signs of deepening economic damage from the epidemic continue to put pressure on markets. Moreover, two deaths were recorded in Iran, which indicates the active spread of the disease outside of China.

The minutes of the last meeting of the US Federal Reserve showed that the regulator can leave rates unchanged for several months of 2020, but traders predict at least one decrease in 2020.