{"id":1193104,"date":"2020-06-30T13:49:18","date_gmt":"2020-06-30T18:49:18","guid":{"rendered":"https:\/\/www.mining.com\/?p=1028430"},"modified":"2020-06-30T13:49:18","modified_gmt":"2020-06-30T18:49:18","slug":"gold-price-hits-fresh-7-year-high-as-who-issues-virus-warning","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1193104","title":{"rendered":"Gold price hits fresh 7-year high as WHO issues virus warning"},"content":{"rendered":"

Gold prices surged again<\/a> on Tuesday to its highest in more than seven years as fears of a resurgent coronavirus pandemic continue to mount, guiding the precious metal towards its biggest quarterly gain since March 2016.<\/p>\n

Spot gold was up 0.5% to $1,780.64 per ounce by 2 p.m. EDT, after reaching $1,785.85 an ounce earlier in the session — its highest since October 2012.<\/p>\n

US gold futures also surpassed the $1,800 per ounce mark for the first time since 2011, with bullion for August delivery rising as much as 1.3% to $1,804 an ounce, as the recent upturn in covid-19 cases drove up demand for the precious metal as a haven. <\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

\u201cThe $1,800 level is a psychological hurdle,\u201d Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore, told Bloomberg<\/a><\/em>. \u201cLow interest rates, monetary policies and the coronavirus are all at play.\u201d<\/p>\n

New virus hotspots are emerging, and the World Health Organization is warning<\/a> that the worst of the pandemic is yet to come because of a lack of global solidarity.<\/p>\n

\n
\"\"<\/figure>\n<\/div>\n

Bullion is headed for its third straight month of gains, driven by stimulus measures to support economies decimated by the pandemic as well as ongoing US-China trade frictions. So far this year, price of the yellow metal has risen by 17%.<\/p>\n

“The big picture view, is that gold is in the middle of a regime shift from a safe-haven asset to an inflation hedge asset,” Daniel Ghali, commodity strategist at TD Securities, told Reuters<\/a><\/em>.<\/p>\n

“US yields have continued to grind lower and the result of that is that real rates are printing new lows,” which he believes has boosted the precious metal, long considered a hedge against inflation and currency debasement.<\/p>\n

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

US gold futures surpassed the $1,800\/oz mark for the first time since 2011.<\/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 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\/1193104"}],"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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1193104"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1193104\/revisions"}],"predecessor-version":[{"id":1193116,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1193104\/revisions\/1193116"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1193104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1193104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1193104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}