Gold Per Ounce – Gold hits $2,000 an ounce for the first time as precious metals shine amid increased demand and a weaker dollar.
Gold prices hit an all-time high on Wednesday, trading at XAU= $2,040 an ounce in early trade. The overnight rise means gold prices are now up more than 30% since the start of the year.
Gold Per Ounce
A combination of a weakening US dollar and growing investor uncertainty about the health of the economy has lifted gold throughout 2020 as the COVID-19 pandemic pushes countries into recession.
Palladium Tops $3,000/oz As Supply Fears Grow, Gold Jumps Over 1%
Giles Coghlan, chief currency analyst at HYCM, identified this investor uncertainty as a key reason for the rise in gold prices. “
The reason for this is simple – gold is a safe haven that can maintain and actually increase in value during periods of volatility.
Investors and wealth managers have been buying gold amid concerns about the global economy’s ability to effectively recover from the COVID-19 pandemic. The fact that private banks are encouraging their customers to buy gold as a hedge against inflation and currency fluctuations shows that the market does not believe that we have seen the end of the corona virus.
Coghlan advised investors focused on gold to be aware of the Volatility Index, which provides a 30-day forecast of the volatility experienced by major gold markets. A fall in the VIX usually follows a rise in gold prices and vice versa.
Common Factors That Influence Gold Prices
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Gold Price Forecast
Gold rose above the key price of $1,500 an ounce and is now on track for its best year since 2010.
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Gold rose above $1,500 an ounce on Thursday, breaking a key psychological level for the precious metal, as investors weigh whether the U.S. Federal Reserve will continue its pause in rate cuts in 2020.
Gold Bursts Through $2,000 Per Ounce Barrier To New Record
The gains in gold, long considered a safe-haven asset, came as both stocks and bonds were set to end the year higher.
This year, gold is up more than 17%, including Thursday’s gain, and is on track for its best annual performance since 2010 amid uncertainty over the U.S.-China trade war and rate cuts from central banks around the world. Investors bought the precious metal as a way to protect their investments against a potential downturn as fears of a recession rose throughout the year.
But now the Fed is unlikely to continue cutting interest rates after three rate cuts in 2019. And on Tuesday, President Trump said the first phase of the trade deal with China was complete and would be signed soon.
That could mean further gains in gold have been muted, with one economist arguing in September that another Fed rate cut could push the commodity above $1,600. Another said that if downside risks persisted, the precious metal could cross $2. , 000 and became an all-time high.
Platinum Prices Vs Gold Prices
Although recession risks have subsided for now, investors are still buying gold to position themselves for 2020. Both Goldman Sachs and UBS predict that gold will continue to rise in the coming year and could reach $1,600 an ounce.
But the opinion is not unanimous. JP Morgan has bet on gold in 2020, which it believes could depreciate as a risk asset, like equities. Spot gold was up 0.3% at $1,744.07 an ounce by 0106 GMT. U.S. gold futures rose 0.2% to $1,742.50.
Gold was firmer on Friday as the dollar eased slightly from a two-decade high, but the bullion was poised for its biggest weekly decline in more than a month on increased demand for foreign currency debt.
* Spot gold was up 0.3% at $1,744.07 an ounce by 0106 GMT. U.S. gold futures rose 0.2% to $1,742.50.
Gold Price Outlook For The Week.
* The price of gold has fallen by 3.7% this week. It would be their fourth straight weekly decline and their worst since mid-May.
* Oil prices rose on supply worries and U.S. stocks edged higher with Treasury yields overnight as investors bet on economic light at the end of the Federal Reserve’s interest rate hike.
* The number of Americans filing new jobless claims rose unexpectedly last week and growing demand for labor is cooling as job losses rose to a 16-month high in June and the Federal Reserve’s aggressive monetary policy raised fears of a recession. .
* The Fed’s two most vocal hawks on Thursday said they supported another 75 basis point interest rate hike later this month, but then at a slower pace, even as both downplayed the risk of higher borrowing costs pushing the US into recession.
Gold Price Today July 28: May Not Stop Increase Until Hitting $4,000
* Short-term US Rising interest rates and bond yields increase the opportunity cost of owning non-interest-bearing gold.
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