Demand for gold increased amid coronavirus situation and weakening dollar

Gold prices on Wednesday showed growth for the second session in a row. By the evening the cost of troy ounce rose by 0.55% and amounted to $1825.10. At the close of trading on Tuesday the precious metal gained 0.66%. Investors' interest in gold is spurred by worsening situation with the coronavirus in the world - a new mutation, which number is breaking records, is observed again in different countries. In addition, it was reported that another variety of coronavirus was discovered in France. Gold was further supported by the depreciation of the dollar, allowing investors with foreign currency to buy more of it. The turmoil in Kazakhstan also boosted demand for the precious metal - a doubling in the price of liquefied gas led to mass protests, the introduction of a state of emergency and the resignation of the government. Investors are turning to safe-haven assets (which include gold) in anticipation of the US Federal Reserve's meeting minutes.