News Formal

Business Maverick: Gold Poised to Challenge $1,800 as Virus Resurgence Fans Demand

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 11 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 84%

Business News News

Business Business Latest News,Business Business Headlines

Gold is on the cusp of challenging the hard-to-crack $1,800 an ounce mark, potentially opening the way for a move toward its record price, as a resurgence in coronavirus cases risks impeding the recovery of the global economy and fans demand for haven assets.

Bullion has jumped this year as the Federal Reserve and other central banks lowered interest rates, while governments worldwide pumped in trillions in stimulus to rescue economies hurt by the pandemic. Aided by concerns of currency debasement and a potential jump in inflation, investors are turning to gold as a store of wealth. With real U.S. interest rates negative, banks such as Goldman Sachs Group Inc. now forecast it’ll hit a record $2,000 in 12 months.

Gold for August delivery rose as much as 0.6% to $1,791.80 an ounce on the Comex, the highest level since 2012, and traded at $1,785.70 at 10:23 a.m. in Singapore. Futures peaked at $1,923.70 in September 2011.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: African Trade Deal to Push Ahead Even If Another Virus-Wave HitsAn Africa-wide free-trade agreement is unlikely to face any further delays even if a second wave of coronavirus infections hits the region, according to the deal’s top official.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Apple to Let Developers Challenge App Rules, Won’t Delay UpdatesApple Inc. said it will start letting developers challenge App Store store policies and won’t delay app updates over rule violations, possibly easing tensions with the creators who help fuel the iPhone maker’s growing services business.
Source: dailymaverick - 🏆 3. / 84 Read more »