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Gold hits a record high in 9 years

Posted by freemexy on August 1st, 2020

Gold prices hit a record high on Monday, as a weakening dollar injected new momentum into a rally driven by uncertainty about the world economy.To get more news about OlympusFx, you can visit wikifx news official website.

  Investors are rushing to Gold more than other precious metals as a result in the rising concerns of a second wave of the dreaded pandemic, COVID-19

  Futures contracts for delivering gold in August shot up as much as 2.2% to ,940.10 a troy ounce, topping the previous intraday peak of ,923.70 from September 2011.They ended the day up 1.8% at ,931, a second consecutive closing record.

  Gold hit an all time closing high for the first time in nearly nine years Friday, but remained short of the intraday record.

  Monday‘s record marked a milestone in gold’s bull run, which many traders rank alongside those of 2008-11 and the late 1970s. The gloomy outlook for the world economy, a decline in interest rates, rising tensions between the U.S. and China, and the dollars depreciation have fueled the surge as investors have bought assets they perceive to be havens.

  “There are still a lot of things to be worried about, which is why gold is attracting all this attention and all this money,”

  Youre seeing money slipping out of the stock market or out of other assets and just eking into gold.

The advance marked gold‘s seventh consecutive daily advance, the metal’s longest winning streak since February.

Also See: World Economy, Record High, Youre Seeing, Years Friday, Gold, Record, High

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