Gold market update
Gold extended its recovery on Monday buoyed by a pullback in US Treasury yields and some safe-haven buying spurred by COVID-19 related concerns, with investors looking for more direction from the Federal Reserve on monetary policy.
Spot gold rose 0.5% to USD $1,787.76 per ounce by 14:40 GMT Monday, erasing declines from earlier in the session. US gold futures gained 0.6% to $1,788.10.
Prices jumped more than 1% last Friday after data showed US consumer sentiment plummeted in August, helping the metal recover from steep declines in the earlier part of last week after bets for tapering got a boost from recent, strong labour data.
COVID-19-related safe-haven buying has been seen in Europe, said TD Securities commodity strategist Daniel Ghali, adding that a rising trend of higher gold purchases from central banks is providing underlying support to bullion.
Gold price this month in AUD/OZ
This week we take a deep dive into some of the large-scale macroeconomic forces we think will boost the price of gold in the coming months and years.
Read the article: Is oil the canary in the gold mine?
Gold in the news
Here are a few articles trending on the subject of gold:
- Chinese gold consumption is continuing to rebound as the country fills the economic void created by Western country lockdowns: https://www.globaltimes.cn/page/202108/1230436.shtml?utm_campaign=Newsletters&utm_medium=email&_hsmi=146889922&_hsenc=p2ANqtz-_KPZs4Ep84Bkq_xcSRFEggBwe3v-QDqf3G-AoVhYYeVTTl7uewLWvfLY2LwGTlY0AN_dr1hWhCGbz9ZkDdXiZhqZ9a822K4zvEtSDDQ39DvaVP-9I&utm_content=146888955&utm_source=hs_email
- The Wall Street Journal revisits the stability of the gold standard era and debunks a number of myths related to that era. If central banks want price stability there is a simple way to get it: https://archive.fo/Zn9oa
- Renowned analyst Alasdair MacLeod takes a deep dive into the structural changes happening in the gold market that will allow more transparency and may drive prices higher: https://kingworldnews.com/gold-plunges-50-and-silver-1-but-forget-this-takedown-because-we-are-on-the-cusp-of-a-historic-game-changer-in-the-gold-and-silver-markets/
New Rush Gold feature
The recent dip in gold prices would have been easy to catch if you had your eye on the market last weekend. Dips and hikes in the price of gold are even easier to catch with our personalised price alerts feature!
Our alerts notify you every time the price of gold dips below or rises above the price limits you set so you’re always on top of the gold market.
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