Gold prices are actively growing on Tuesday, having updated the maximum in six months due to two main factors: the fall in the dollar and the demand for protective assets on fears of a downturn in the global economy. Quotations of February gold contracts on the New York Mercantile Exchange rose to $1,831.25 per troy ounce. Silver for March delivery jumped 3.6% to $24,352 per ounce. Palladium prices jumped to $1,744.78 per ounce, platinum rose in price to $1,017.20 per ounce. The ICE index, which shows the dynamics of the US dollar relative to the six major world currencies, falls by 0.6% on Tuesday, to 103.45. The decline in the dollar was caused by the unexpected decision of the Bank of Japan to expand the boundaries of the corridor in which the yield of ten-year government securities can fluctuate to plus/minus 0.5% from plus/minus 0.25% earlier. Analysts also note that the recovery in gold prices is taking place against the backdrop of rising bond yields, which suggests that investors are increasingly pessimistic about the future, fearing too harsh policies of central banks.
