{"id":1205046,"date":"2020-09-01T15:18:50","date_gmt":"2020-09-01T20:18:50","guid":{"rendered":"https:\/\/www.mining.com\/?p=1034420"},"modified":"2020-09-01T15:18:50","modified_gmt":"2020-09-01T20:18:50","slug":"gold-price-steadies-after-futures-top-2000","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1205046","title":{"rendered":"Gold price steadies after futures top 2,000"},"content":{"rendered":"

Gold prices steadied on Tuesday with the dollar erasing losses and a US report adding to signs of a recovery in global manufacturing, pulling the precious metal down from a two-week high.<\/p>\n

Spot gold dipped by less than 0.1% to $1,967.59 per ounce as of 3:30 p.m. EDT, having earlier hit its highest since August 19 at $1,992.15. <\/p>\n

US gold futures declined 0.2% to $1,973.40 per ounce after crossing the $2,000 per ounce mark earlier in the session.<\/p>\n

The dollar recovered on data showing US manufacturing expanded in August at the fastest pace since late 2018, reducing demand for bullion as an alternative asset. <\/p>\n

The manufacturing report \u201cconfirms that the US economic recovery is real and hence we experienced a bounce in the dollar index,\u201d Naeem Aslam, chief market analyst at Ava Trade, said in an interview with Bloomberg<\/a><\/em>. <\/p>\n

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

\u201cSpeculators have been selling the dollar like there was a death sentence issued for the dollar index by the Fed. The mighty dollar has come back.\u201d<\/p>\n

Gold’s recent surge came as the greenback dropped to the lowest in more than two years and investors bet the US Federal Reserve\u2019s more relaxed stance on inflation.<\/p>\n

Bob Haberkorn, senior market strategist at RJO Futures, believes the better-than-expected manufacturing data “doesn’t necessarily change the picture” for the Federal Reserve. “The trend (in gold) is still higher,” he added.<\/p>\n

“Gold should be supported in this environment of firming inflation expectations, which is driving down real rates, and a weakening US dollar,” Daniel Ghali, commodity strategist at TD Securities, told Reuters<\/a><\/em>.<\/p>\n

Bullion has soared about 30% this year and reached an all-time high in early August amid massive stimulus aimed at reviving economies hit by the coronavirus pandemic.<\/p>\n

\u201cThe pandemic is far from over and if the economic outlook worsens, central banks could increase their monetary interventions yet again,\u201d precious metals refiner Heraeus Holding GmbH said in a report, forecasting gold to trade in a range of $1,850 to $2,200 over the rest of the year.<\/p>\n

\u201cInvestors will continue to see gold as a safe haven, pushing prices higher,\u201d it said.<\/p>\n

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

Spot gold steadied after hitting a two-week high, while futures dipped from $2,000 earlier.<\/p>\n","protected":false},"author":92,"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\/1205046"}],"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\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1205046"}],"version-history":[{"count":6,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1205046\/revisions"}],"predecessor-version":[{"id":1205220,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1205046\/revisions\/1205220"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1205046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1205046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1205046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}