Logo of Phnom Penh Post newspaper Phnom Penh Post - Gold price to rise sharply in February as Biden signs 10 executive orders

Gold price to rise sharply in February as Biden signs 10 executive orders

Content image - Phnom Penh Post
Golden FX Link Capital business manager Cheng Daravuth.

Gold price to rise sharply in February as Biden signs 10 executive orders

The price of gold has been hovering at around $1,850 per ounce, equivalent to $2,220 per tael, but is expected to rise to $2,070 per ounce in February due to the 10 executive orders signed by new US President Joe Biden.

Despite positive prospects for global economic growth following multiple breakthroughs in coronavirus vaccines, Goldman Sachs and Citi analysts predict that gold’s bullish cycle will persist.

After Biden was sworn in as the 46th US president on February 21, he signed 10 executive orders detailed in 23 pages on how to deal with the Covid-19 pandemic.

The outbreak killed an average of 3,054 people a day in the US last week, with an average of 194,252 infections a day, according to a CNBC release on January 21.

Biden has asked Congress to approve an additional $1.9 trillion economic stimulus package to fight the epidemic and help people who have lost their jobs.

The new administration is in the process of implementing policy, so multibillion-dollar economic stimulus package plans are expected to be approved and implemented soon.

Generally, the greater the currency circulation in the market, the higher the currency inflation.

This in turn increases the price of gold because it is a precious metal that every country in the world needs to prevent the risk of instability, especially during economic or political crises, or in the event of armed conflict.

With the price of gold currently standing at $1,850 per ounce and predicted to rise to $2,070 per ounce, Golden FX Link Capital business manager Cheng Daravuth says the price is likely to rise further in early February.

Consequently, traders who want to trade in the long-term price of gold should buy at $1,830 per ounce, setting the take-profit function at $2,000 per ounce and the stop-loss function at $1,750 per ounce.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.