{"id":1202210,"date":"2020-08-18T11:44:13","date_gmt":"2020-08-18T16:44:13","guid":{"rendered":"https:\/\/www.mining.com\/?p=1032962"},"modified":"2020-08-18T11:44:13","modified_gmt":"2020-08-18T16:44:13","slug":"gold-price-back-above-2000","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1202210","title":{"rendered":"Gold price back above $2,000"},"content":{"rendered":"

Gold prices climbed back above the $2,000 an ounce level on Tuesday as renewed tensions between the US and China boosted demand for haven assets. <\/p>\n

The US dollar also continued to decline, with the dollar index now at its lowest since May 2018, making gold relatively cheaper to hold than other currencies.<\/p>\n

Spot gold was up 0.6% to $2,000.04 per ounce by 11:30 a.m. EDT after reaching intraday high of $2,014.70. US gold futures for December delivery also advanced by 0.6% to $2,012.90 per ounce.<\/p>\n

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\u201cWe\u2019re getting back in the saddle,\u201d Stephen Innes, chief market strategist at AxiCorp Ltd., said in a note<\/a>. \u201cAfter plunging 10%, washing out leveraged players and retail buyers who arrived late to the party, gold has made an enduring comeback.\u201d<\/p>\n

Bullion has surged over 30% this year on the back of massive stimulus measures from central banks and governments trying to help economies recover from the covid-19 pandemic. The metal is often considered a hedge against inflation and currency debasement during times of economic uncertainty.<\/p>\n

Earlier this month, the price of gold rallied to an all-time high<\/a> before posting its first weekly drop in more than two months<\/a> due to an uptick in real yields.<\/p>\n

“It’s really is about the return or the perception of a return,” Michael Hewson, chief market analyst at CMC Markets UK, told Reuters<\/a><\/em>. “The dollar has lost its attraction when it comes to return now relative to two years ago.” <\/p>\n

Gold, with its reputation for relative safety, is also drawing investors as the United States ratchets up pressure on China’s Huawei, Hewson added.<\/p>\n

On Monday, gold jumped as much as 2.4%<\/a>, drawing momentum from investment guru Warren Buffett’s Berkshire Hathaway buying a surprising stake<\/a> in major gold miner Barrick Gold.<\/p>\n

The top gold-backed exchange-traded fund — SPDR Gold Shares — also expanded to 1,252.38 tonnes with an estimated value of $80.86 billion<\/a> held in trust.<\/p>\n

As real interest rates remain below zero and investors expect more stimulus measures, analysts including those at Goldman Sachs Group see further increases for gold. Last week, Goldman\u2019s Jeffrey Currie said<\/a> \u201cwe\u2019re not out of this crisis yet,\u201d with the potential for stimulus to last into 2021.<\/p>\n

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

Gold prices climbed above $2,000 as the dollar declined to a two-year low.<\/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\/1202210"}],"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=1202210"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202210\/revisions"}],"predecessor-version":[{"id":1202256,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202210\/revisions\/1202256"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1202210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1202210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1202210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}