Gold steadies near record high as dollar stumbles

14Views

August 6, 2020

Gold prices held steady near record highs on Thursday as a weaker U.S. dollar and hopes of more stimulus measures to mitigate the economic fallout from the pandemic underpinned the metal’s safe-haven appeal.

FUNDAMENTALS

Spot gold was steady at $2,039.75 per ounce by 0042 GMT, after hitting an all-time high of $2,055.10 on Wednesday.

U.S. gold futures rose 0.3% to $2,055.90.

The dollar index fell 0.2% to hold close to a more than two-year low against its rivals, making gold less expensive for holders of other currencies.

The U.S. government bond yield curve steepened on Wednesday as prices fell on the prospect of increased supply in longer-dated debt.

More than 18.66 million people have been reported to be infected by the novel coronavirus globally, while death toll surpassed 700,000 on Wednesday, with the United States, Brazil, India and Mexico leading the rise in fatalities.

The rapid rise in cases has dented hopes of a swift economic rebound, driving inflows into safe-haven assets such as gold, which has risen more than 34% so far this year.

U.S. private payrolls growth slowed sharply in July, pointing to a loss of momentum in the labor market and overall economic recovery as new COVID-19 infections spread across the country.

Top congressional Democrats and White House officials appeared to harden their stances on new coronavirus relief legislation, as negotiations headed toward an end-of-week deadline with no sign of an agreement.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.8% to 1,267.96 tonnes on Wednesday.

Also Watch

Incessant Rains Batter Mumbai & Adjoining Areas, IMD Predicts Rains Will Intensify In Next 24 Hrs

Silver fell 0.4% to $26.91 per ounce, while platinum rose 0.4% to $970.67 and palladium was steady at $2,181.77.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f2b7b19db1d45129a348a23
[youtube_id] => -4HxSN1j_5Q
Gold steadies near record high as dollar stumbles => Incessant Rains Batter Mumbai & Adjoining Areas, IMD Predicts Rains Will Intensify In Next 24 Hrs
)

[1] => Array
(
[id] => 5f2b7669cc17de12942f2d08
[youtube_id] => 6D6o9J7lNG0
Gold steadies near record high as dollar stumbles => Sushant Death Probe: Rhea Under ED Scanner; Disha Salian’s PM Report Rules Out Foul Play
)

)

[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-03T09:12:02.000Z&publish_max=2020-08-06T09:12:02.000Z&sort_by=date-relevance&order_by=0&limit=2
)

Gold steadies near record high as dollar stumbles

Also Watch

Speak Your Mind

LEAVE A REPLY Cancel reply

Get in Touch

Recommend for You

Oh hi there It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

You might also like

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

About Us

Follow Us

Support Us & Be a Patreon

Add QNewsHub to your Homescreen!

Oh hi there
It’s nice to meet you.