{"id":1199462,"date":"2020-08-03T11:22:07","date_gmt":"2020-08-03T16:22:07","guid":{"rendered":"https:\/\/www.mining.com\/?p=1031574"},"modified":"2020-08-03T11:22:07","modified_gmt":"2020-08-03T16:22:07","slug":"gold-price-pulls-back-from-record-high","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1199462","title":{"rendered":"Gold price pulls back from record high"},"content":{"rendered":"

Gold prices retreated from a record high on Monday as US and European equities rose on positive economic data and the dollar climbed. However, concerns over rising coronavirus cases and its impact on the global economy still remain, limiting bullion\u2019s losses.<\/p>\n

Spot gold fell 0.4% to $1,967.97 per ounce by noon EDT, after reaching an intraday high of $1,984.70 per ounce. Gold futures edged 0.5% higher at $1,986.90 an ounce on the Comex in New York.<\/p>\n

\u201cOver the past two weeks we\u2019ve had such a climb in gold, it\u2019s going up so fast that you\u2019re going to see people wanting to digest or take some profits,\u201d Michael Matousek, head trader at U.S. Global Investors, told Reuters<\/a><\/em>, adding that a rising dollar was also weighing on prices.<\/p>\n

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\u201cWe have definitely seen a loss of momentum over the past several sessions where only modest, even marginal new highs are being made, which has likely driven shorter-term players to take some profit and trade it, rather than simply holding long positions,\u201d said Tai Wong<\/a>, head of metals derivatives trading at BMO Capital Markets. \u201cIt suggests a deeper albeit still modest correction is possible.\u201d<\/p>\n

While the rally appeared to pause, analysts who say gold is overvalued are not expecting a substantial decline. A correction probably will be measured, thanks to the weak dollar and chronic turmoil in the global economy, BNP Paribas SA said in a note<\/a>.<\/p>\n

Bullion has surged about 30% so far this year, supported by lower interest rates and widespread stimulus measures by global central banks to ease the economic blow from the pandemic.<\/p>\n

\u201cWe see a lot of people anticipating once that (stimulus) comes out, more bids will come into gold,\u201d Matousek said.<\/p>\n

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

Spot gold fell 0.4% after reaching an intraday high of $1,984.70 on Monday.<\/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\/1199462"}],"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=1199462"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199462\/revisions"}],"predecessor-version":[{"id":1199469,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1199462\/revisions\/1199469"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1199462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1199462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1199462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}