{"id":1173269,"date":"2020-03-23T13:53:38","date_gmt":"2020-03-23T19:53:38","guid":{"rendered":"https:\/\/www.mining.com\/?p=1017904"},"modified":"2020-03-23T17:00:38","modified_gmt":"2020-03-23T23:00:38","slug":"gold-price-surges-by-most-in-history","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1173269","title":{"rendered":"Gold price surges by most in history"},"content":{"rendered":"<p>The gold price surged on Monday after the US Federal Reserve promised to pump &#8220;unlimited&#8221; amounts of money into the financial system, boosting the metal\u2019s status as a store of wealth and an inflation hedge.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>On the Comex market in New York, gold for delivery in April, the most active contract, closed just off its day high at $1,567.60, up $83.00 an ounce, or 5.6% compared to Friday\u2019s close. <\/p>\n<p>Monday was the biggest one-day dollar gain in the history of gold trading, surpassing the October 25, 2011 advance of more than $70 an ounce that took the price above $1,700. In percentage terms, today&#8217;s performance is the best in over a decade.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-23-mar-2020.jpg\" alt=\"\" class=\"wp-image-1017927\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-23-mar-2020.jpg 918w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-23-mar-2020-300x200.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-23-mar-2020-768x512.jpg 768w\" sizes=\"(max-width: 918px) 100vw, 918px\" \/><\/figure>\n<p>On Monday, the&nbsp;Fed committed to unlimited purchases of US Treasuries and agency mortgage-backed securities, flooding financial markets with easy money. <\/p>\n<p>\u201cThe&nbsp;Federal Reserve is committed to using its full range of tools to support households, businesses, and the US economy overall in this challenging time,\u201d the&nbsp;Fed&nbsp;said in a statement.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>\u201cThe Fed unveiled its biggest cannon seen to date &#8211; even bigger than in the great financial crisis\u201d<\/p>\n<\/blockquote>\n<\/figure>\n<p>\u201cThe Fed unveiled its biggest cannon seen to date &#8211; even bigger than in the great financial crisis,\u201d Tai Wong, head of base and precious metals derivatives trading at BMO told Reuters:.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p> \u201cThe market reacted instantly with equities and gold soaring behind the Fed\u2019s new \u2018Draghi\u2019 approach. However, the acid test here is whether this optimism will hold for more than one day.\u201d<\/p>\n<\/blockquote>\n<p>Matthew McLennan, head of the global value team at First Eagle Investment Management, which manages about $101 billion in assets told Bloomberg:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWhen the Fed progressively removes liquidity fears, provides forward guidance on rates, and when it possibly even controls the yield curve, and the economic softening is observable across the whole economy, the potential hedge value of gold can reassert itself powerfully.\u201d<\/p>\n<\/blockquote>\n<p>Gold has been on a wild ride over the past weeks, dropping as low as $1,450 an ounce a week ago after briefly hitting a seven-year high above $1,700 a week earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Fed promised to pump &#8220;unlimited&#8221; amounts of money into the financial system, boosting the metal&rsquo;s status as a store of wealth and inflation hedge.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1173269"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1173269"}],"version-history":[{"count":11,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1173269\/revisions"}],"predecessor-version":[{"id":1173311,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1173269\/revisions\/1173311"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1173269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1173269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1173269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}