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
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