{"id":1191499,"date":"2020-06-22T11:37:03","date_gmt":"2020-06-22T16:37:03","guid":{"rendered":"https:\/\/www.mining.com\/?p=1027611"},"modified":"2020-06-22T11:37:03","modified_gmt":"2020-06-22T16:37:03","slug":"gold-price-closes-in-on-8-year-high","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1191499","title":{"rendered":"Gold price closes in on 8-year high"},"content":{"rendered":"

Gold prices continued to rally on Monday, heading toward the highest since 2012, as a resurgence of coronavirus infections in some parts of the world casts further doubts over a swift global economic recovery.<\/p>\n

Spot gold climbed 0.7% to $1,758.29 per ounce by 11:30 a.m. EST, after rising to as high as $1,764.75 earlier in the session — its highest level since hitting a 7-1\/2 year peak on May 18.<\/p>\n

US gold futures were also 0.7% higher at $1,759.40 per ounce, now up by 16% so far this year.<\/p>\n

Gold is often seen as a safe haven asset for global investors during times of economic turmoil, and with the number of coronavirus cases exploding in some places after governments began to loosen their lockdown protocols, the overall economic uncertainty remains high.<\/p>\n

On Sunday, the World Health Organization reported a record jump<\/a> in global infections, with the biggest increases seen in North and South America.<\/p>\n

Additional monetary stimulus to combat the pandemic, including the Bank of England’s bond buying program<\/a> announced last week, could lend further support to bullion as a hedge against inflation.<\/p>\n

\u201cGold appears poised for breakout,\u201d Fawad Razaqzada, market analyst at ThinkMarkets in London, said in an emailed note to Bloomberg<\/i><\/a>.<\/p>\n

\n

\u201cWhile gold is undoubtedly boosted by haven flows due to the economic damage caused by the pandemic as well as concerns over a second wave, there is little doubt that the metal is also finding good support from central bank money flooding the financial markets.\u201d<\/p>\n<\/blockquote>\n

Ole Hansen, head of commodity strategy at Saxo Bank A\/S, shares a similar sentiment<\/a>:<\/p>\n

\n

\u201cCovid-19 worries together with the eventual inflationary impact of central bank stimulus are providing the support for gold.\u201d<\/p>\n<\/blockquote>\n

Meanwhile, investors are continuing to pile into gold-backed exchange-traded funds (ETFs), with SPDR Gold Trust holdings rising by 2% to 1,159.31 tonnes at Friday’s close, the highest level since April 2013.<\/p>\n

(With files from Bloomberg)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Spot gold climbed 0.7%, after rising to as high as $1,764.75 earlier in the session.<\/p>\n","protected":false},"author":88,"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":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1191499"}],"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\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1191499"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1191499\/revisions"}],"predecessor-version":[{"id":1191549,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1191499\/revisions\/1191549"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1191499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1191499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1191499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}