{"id":1196481,"date":"2020-07-17T12:49:00","date_gmt":"2020-07-17T17:49:00","guid":{"rendered":"https:\/\/www.mining.com\/?p=1030058"},"modified":"2020-07-17T12:49:00","modified_gmt":"2020-07-17T17:49:00","slug":"gold-price-heads-for-sixth-straight-weekly-gain","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1196481","title":{"rendered":"Gold price heads for sixth straight weekly gain"},"content":{"rendered":"

Gold returned above $1,800 an ounce on Friday, heading for its sixth consecutive weekly gain, as surging coronavirus cases continue to drive up demand for safe haven assets.<\/p>\n

Spot gold climbed 0.5% to $1,807.63 per ounce by 1:00 p.m. EDT. Gold futures for August delivery also rose 0.5%, up to $1,809.50 per ounce.<\/p>\n

On Thursday, the number of new coronavirus cases in the US topped 77,000 for the first time, according to Reuters<\/em><\/a> <\/em>data, leading to more partial shutdowns across the country.<\/p>\n

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\u201cWe could see a push towards $2,000 before the end of this year\u201d<\/p>\n

Afshin Nabavi, SVP, MKS SA<\/cite><\/p><\/blockquote>\n<\/figure>\n

\u201cAs long we don\u2019t have a vaccine, we will continue to have these problems … We could see a push towards $2,000 before the end of this year,\u201d Afshin Nabavi, senior vice president at precious metals trader MKS SA, told Reuters<\/a><\/em>.<\/p>\n

The ongoing pandemic is not the only driver of investment in safe-haven assets. Tensions between the US and China are also prompting people to invest more in gold rather than stocks, Nabavi said.<\/p>\n

Many analysts believe<\/a> that the price of gold, which has risen by nearly 17% so far this year, still has room to grow as long as uncertainties still reign above virus-hit economics.<\/p>\n

Earlier this month, Haywood Securities raised their gold price forecast<\/a> for the second half of 2020, citing that the precious metal is “now in the early days of a new bull market,” adding that they “would not be surprised” to see gold push through the old 2011 high of $1,923 per ounce this year.<\/p>\n

On Tuesday, the World Gold Council reaffirmed<\/a> that the pandemic will likely have a lasting effect on asset allocation and continue to reinforce the role of gold as a strategic investment asset for the remainder of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bullion is back above $1,800 an ounce as coronavirus cases hit new high in the US.<\/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\/1196481"}],"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=1196481"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1196481\/revisions"}],"predecessor-version":[{"id":1196482,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1196481\/revisions\/1196482"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1196481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1196481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1196481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}