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Gold soars to all-time high as dollar dive adds fuel to record run
But take a look at silver, if you can find it way up there.
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By Brijesh Patel
Sunday, July 26, 2020
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.
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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.
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