Gold prices soar to a record high July 27, 2020 - 19:08 AMT PanARMENIAN.Net - Gold prices have soared to a record high, with investors rushing to find safe places to park their money as concerns grow about a resurgence in the coronavirus and the impact that could have on the global economy, CNN reports. Gold hit $1,944 per ounce earlier on Monday, July 27, beating its previous record of $1,921 set in 2011. "Gold is the clear beneficiary of safe haven demand," Stephen Innes, chief global markets strategist at AxiCorp, said in a research note. The main driver behind gold's rally has been falling returns on US government bonds, which reflect the likelihood that the Federal Reserve will have to keep interest rates lower for a prolonged period of time to support the economic recovery, according to Hussein Sayed, chief market strategist at FXTM. That has also served to weaken the US dollar, which is trading at a 22-month low of 0.85 euros and a 4-month low against the Japanese yen, Sayed said in a research note Monday.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Cyprus parliament honors Armenian genocide victims  Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide.Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed.Azerbaijan razes historic Armenian church to ground Azerbaijan has demolished the historic Armenian Church of St. John the Baptist (known as Kanach Zham).Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills |
