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| Commodity News |
| HeadLine : |
Gold Surges to Record as Week Opens With Spot Price Near $2,000 |
| Date : |
Aug 3 2020 |
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Gold’s spot and futures prices opened the week by hitting records, with metal for immediate delivery closing in on $2,000 an ounce as the search for haven assets continued amid the coronavirus pandemic. Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low U.S. real yields. Strategists are now considering alternatives to government debt, such as cash, credit, dividend shares and gold. The health crisis has prompted unprecedented amounts of stimulus being unleashed to shore up economies including lower rates, which are a boon for non-interest-yielding gold. Simmering geopolitical tensions are also boosting demand -- U.S. Secretary of State Michael Pompeo said the Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks. Infections are picking up again in some U.S. states -- cases in California increased by more than the 14-day average and New Jersey’s virus transmission rate rose further. Federal Reserve Bank of Minneapolis President Neel Kashkari on Sunday urged Congress to act to support Americans laid off due and suggested a fresh lockdown.
Source: Investing.com
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