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Gold SOARS to an All-Time High | The Mesh Report

Gold SOARS to an All-Time High

The Gold Enthusiast July 27, 2020 Comments Off on Gold SOARS to an All-Time High

Gold prices jumped to record highs on Monday as an intensifying U.S.-China row hammered the dollar and cemented expectations that central banks would continue pumping out stimulus to ease the economic pain from a worsening coronavirus pandemic.

Spot gold rose 1.5% to $1,928.83 per ounce by 0306 GMT after hitting an all-time high of $1,933.30. U.S. gold futures climbed 1.4% to $1,924.20.

Silver too joined the rally, jumping 4.5% to its highest since September 2013 at $23.86 per ounce.

With the dollar substantially weaker, “a lot of funds are moving into gold right now,” said Edward Meir, analyst at ED&F Man Capital Markets.

“And as long as the (virus situation) gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities, and all of that is bullish for gold,” he added.

The dollar fell to a near two-year low versus major currencies as a standoff between Washington and Beijing showed no signs of abating with both sides ordering the closure of consulates in Chengdu and Houston.

The COVID-19 outbreak also continued to worsen, with more than 16.13 million people cases globally and 644,836​ deaths, driving expectations of more stimulus globally to ease the economic blow.

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