{"id":1184753,"date":"2020-05-15T12:40:04","date_gmt":"2020-05-15T17:40:04","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024025"},"modified":"2020-05-15T12:40:04","modified_gmt":"2020-05-15T17:40:04","slug":"gold-price-eyes-7-year-high-on-second-virus-wave-fears","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1184753","title":{"rendered":"Gold price eyes 7-year high on second virus wave fears"},"content":{"rendered":"<p>Gold is headed for a fourth consecutive day of gains, reaching a three-week high Friday as fears grow over a <a aria-label=\"second wave (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/globalnews.ca\/news\/6943636\/canada-second-wave-coronavirus\/\" >second wave<\/a> of covid-19 outbreak as global economies begin to reopen.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p><a aria-label=\"China and South Korea (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.cbsnews.com\/news\/china-coronavirus-south-korea-outbreaks-fears-second-wave-infections\/\" >China and South Korea<\/a> are on alert once again as they face a rising number of new infections. In the US, the state of Texas recorded its <u><font color=\"#000117\">largest daily increase in cases and d<\/font><\/u>eaths Thursday since the start of outbreak, the <a href=\"https:\/\/www.texastribune.org\/2020\/05\/14\/coronavirus-updates-texas\/\"  rel=\"noreferrer noopener\" aria-label=\"Texas Tribune reported.  (opens in a new tab)\">Texas Tribune reported. <\/a><\/p>\n<p>The potential of another surge in covid-19 cases, combined with weak economic data coming from major markets like the US, raises more uncertainties for a near-term recovery, making safe-haven assets like gold more attractive to investors. <\/p>\n<p>Bullion rose 0.9% to $1,747.94 an ounce as of 1:30 p.m. EST, approaching its peak in April when the price was at a seven-year high. Gold futures for June delivery traded 1.1% higher at $1,759.50 an ounce on the Comex in New York.<\/p>\n<p>The silver market also rallied to its highest in two months, up 4.8% to $16.66 an ounce.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/05\/362056018-1024x576.jpg\" alt=\"\" class=\"wp-image-1024041\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/05\/362056018-1024x576.jpg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/05\/362056018-300x169.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/05\/362056018-768x432.jpg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/05\/362056018.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<p>The anticipation of further fiscal and monetary measures will likely fuel further demand for precious metals, as <a href=\"https:\/\/www.mining.com\/gold-price-rises-as-fed-begins-historic-etf-purchase-program\/\"  rel=\"noreferrer noopener\" aria-label=\"they have in the past (opens in a new tab)\">they have in the past<\/a>.<\/p>\n<p>\u201cEverybody must have realized it, but it\u2019s just more evidence that the reality is this is a pretty bleak economic picture right now,\u201d Phil Streible, chief market strategist for Blue Line Futures LLC, said in a <a href=\"https:\/\/mercury.bloomberg.com\/news\/QADIBDDWX2PW\"  rel=\"noreferrer noopener\" aria-label=\"Bloomberg interview (opens in a new tab)\">Bloomberg interview<\/a>.<\/p>\n<p>\u201cPeople are continuing to pile into gold because that weak economic picture is going to continue to drive interest rates lower,\u201d he added.<\/p>\n<p>\u201cThere are fears over everything from political leadership through the health outlook overall and associated economic-financial and political risk,\u201d Rhona O\u2019Connell, head of market analysis for EMEA and Asia at INTL FCStone, told Bloomberg.<\/p>\n<p>Prices are having a long-awaited breakout moment as market anxiety mounts, she said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Silver also rallied to its highest in two months.<\/p>\n","protected":false},"author":5,"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 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