Gold Prices Approach Highest Settlement in History | The Mesh Report

Gold Prices Approach Highest Settlement in History

The Gold Enthusiast July 23, 2020 Comments Off on Gold Prices Approach Highest Settlement in History

Gold prices looked set to extend a win streak to a fifth straight session on Thursday, bringing the yellow metal within shouting distance of a historic settlement peak around $1,900 an ounce, highlighting feverish demand for bullion amid the worst pandemic in over a century.

“Gold is now just $40 shy of reaching its 2011 record high…If it gets there, who is to say it can’t go to $2,000 next?” wrote Fawad Razaqzada, market analyst at ThinkMarkets, in a Thursday research note.

“Obviously, no one knows if it will get there, but momentum is certainly bullish, and the fundamental backdrop is still supportive,” he wrote.

Gold for August delivery GC00, 0.78% on Comex rose $12.40, or 0.7%, at $1,877.50, after the metal gained 1.5% in the previous session. Prices based on the most-active contracts, haven’t traded or settled at levels this high since September 2011 but the commodity is closing in on its highest settlement on record at $1,891, based on FactSet data.

The surge for gold comes against the narrative of continued uncertainty about the economic landscape for the U.S. and other countries attempting to deal with the fallout from the COVID-19 pandemic.

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