• 3 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 5 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 5 hours Rethinking election outcomes for oil.
  • 11 hours Clean Energy Is Canceling Gas Plants
  • 3 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 16 mins China leaders meet to discuss proposed 5 year economic plan.
  • 3 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 58 mins Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 5 hours America's Frontline Doctors - Safely Start Living Again!
  • 5 hours Saudi Oil Minister Abdulaziz said getting rid of oil "Far Fetched and Unrealistic". . True. . . but
  • 1 day Video Evidence that the CCP controls Joe Biden
  • 3 hours Irina Slav has a good article - Regarding Investors & Oil
  • 1 day OP article : "Trump blasts Biden Fracking Plan . . . "
  • 2 days GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 6 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 2 days Biden denies fracking ban
  • 3 days Is the coal industry on the way out?
The Good News Keeps Coming For Gold Bulls

The Good News Keeps Coming For Gold Bulls

The Federal Reserve’s current monetary…

The Increasingly Bullish Case For Gold

The Increasingly Bullish Case For Gold

The real US GDP plunged…

Where Will the World’s Next Giant Gold Discovery Be?

Where Will the World’s Next Giant Gold Discovery Be?

Despite gold’s incredible performance this…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Premium Content

Gold Prices See Best Month In 8 Years

Gold prices edged higher on Friday as the worsening covid-19 pandemic continues to stifle the global economy.

Spot gold rose 11% for the month of July, heading for its biggest monthly gain in over eight years, driven by a declining US dollar and real yields. By 11:15 a.m. EDT, the spot price was up 1.0% to $1,974.40 per ounce, near an all-time high.

Concerns have also been raised about the US dollar’s status as the world’s reserve currency of choice as it gets closer to its biggest monthly drop in almost a decade. The US dollar is often seen by investors as a rival safe-haven asset to gold, and its decline makes dollar-priced gold cheaper for holders of other currencies.

Meanwhile, the pandemic may bring structural shifts to investors’ asset allocation, says the World Gold Council, and there are “strong fundamental reasons” supporting gold investment in the longer term.

Gold futures for December delivery, now the most actively traded contract, jumped 1.1% to $1,989.30 an ounce in New York. Gold traders on Thursday declared their intent to deliver 3.3 million ounces against the August contract, the largest daily delivery notice in bourse data going back to 1994.

Money managers allocated $3.9 billion into gold, the second largest weekly inflow ever, the Bank of America said on Friday.

“Gold is more of a store of value right now than pretty much anything else,” Michael Hewson, chief market analyst at CMC Markets UK, told Reuters.

“Optimism about a V-shaped recovery is very much at risk and gold is seeing the benefit from that. It’s quite likely that we’ll see $2,000 an ounce in fairly short order” Hewson said.

With more stimulus to resuscitate the economy on the horizon, Goldman Sachs Group has said that gold is the currency of last resort amid an inflation threat to the dollar. The bank forecasts a rally to $2,300 an ounce for the precious metal.

Bank of America Corp. says prices could soar to as high as $3,000 an ounce, while JPMorgan Chase & Co. sees the rally losing steam later this year.

By Mining.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News