• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 7 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 5 hours America's pandemic dead deserve accountability after Birx disclosure
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 2 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 3 days The coming Cyber Attack
  • 19 hours U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 1 day Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
  • 3 days Goldman Betting on Cryptocurrencies
  • 11 hours NG spot prices hit triple digits for weekend delivery
  • 5 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 6 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days Forecasts for Natural Gas
Gold Crashes Below $1,800

Gold Crashes Below $1,800

This year has been incredible…

The Increasingly Bullish Case For Gold

The Increasingly Bullish Case For Gold

The real US GDP plunged…

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