Spot gold rose as much as 0.6% to $1,988.40 an ounce and traded at $1,982.07 by 7:53 a.m. in Singapore, while most-active futures traded as high as $2,009.50 on the Comex.(Getty Images)
Spot gold rose as much as 0.6% to $1,988.40 an ounce and traded at $1,982.07 by 7:53 a.m. in Singapore, while most-active futures traded as high as $2,009.50 on the Comex.(Getty Images)

Gold surges to record as week opens with spot price near $2,000

Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low US real yields.
By Bloomberg | Posted by Shivani Kumar
UPDATED ON AUG 03, 2020 06:52 AM IST

Gold’s spot and futures prices opened the week by hitting records, with metal for immediate delivery closing in on $2,000 an ounce as the search for haven assets continued amid the coronavirus pandemic.

Spot bullion surged 11% in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low US real yields. Strategists are now considering alternatives to government debt, such as cash, credit, dividend shares and gold.

The health crisis has prompted unprecedented amounts of stimulus being unleashed to shore up economies including lower rates, which are a boon for non-interest-yielding gold. Simmering geopolitical tensions are also boosting demand -- US Secretary of State Michael Pompeo said the Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks.Some comments from

“‘The fall in US 10-year real yields was the most important driver in our view given the strong inverse relationship,” Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note. “Safe haven demand primarily reflected global growth concerns linked to rising Covid‑19 cases around the world and escalating US-China tensions.”

Read More: Gold Is Heading for $2,000. After That, the Forecasts Diverge

Spot gold rose as much as 0.6% to $1,988.40 an ounce and traded at $1,982.07 by 7:53 a.m. in Singapore, while most-active futures traded as high as $2,009.50 on the Comex. Spot silver was flat at $24.3726 an ounce after surging 34% in July.

Infections are picking up again in some US states -- cases in California increased by more than the 14-day average and New Jersey’s virus transmission rate rose further. Federal Reserve Bank of Minneapolis President Neel Kashkari on Sunday urged Congress to act to support Americans laid off due and suggested a fresh lockdown.

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In early Tuesday trade, the market capitalisation of BSE-listed companies was at <span class='webrupee'>₹</span>1,91,25,467.48 crore.(REUTERS)
In early Tuesday trade, the market capitalisation of BSE-listed companies was at 1,91,25,467.48 crore.(REUTERS)

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Reuters
PUBLISHED ON JAN 26, 2021 07:33 AM IST
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US Dollar banknotes are seen in this photo illustration(Reuters File Photo )
US Dollar banknotes are seen in this photo illustration(Reuters File Photo )

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The LNG Croatia FSRU liquid natural gas (LNG) storage vessel and import facility at the LNG terminal, operated by LNG Croatia LLC, in Krk, Croatia, on Monday, Jan. 25, 2021. The market for vessels carrying liquefied natural gas boomed last year as the world�s biggest trading houses and oil majors booked up ships to take advantage of the�winter demand boom�in fuel demand. Photographer: Petar Santini/Bloomberg(Bloomberg)

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Dr K Subba Reddy (HT Photo)
Dr K Subba Reddy (HT Photo)

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Amazon has asked the High Court in New Delhi to enforce the decision of a Singapore arbitrator.(Reuters)

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FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo(REUTERS)

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Finance Minister Nirmala Sitharaman will unveil the Budget 2021-22 on February 1.(PTI)
Finance Minister Nirmala Sitharaman will unveil the Budget 2021-22 on February 1.(PTI)

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Sensex tanks over 500 points, Nifty ends below 14,250

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The least registration in the ESI scheme for both men and women in the formal sector came in the month of April 2020.(Representational photo)

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Gold is considered a hedge against inflation, likely from widespread stimulus. (HT Photo) (Representative Image)
Gold is considered a hedge against inflation, likely from widespread stimulus. (HT Photo) (Representative Image)

Gold eases on doubts over US stimulus passage

Reuters
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A government agricultural officer collects urine samples from pigs arriving at a slaughterhouse in Wuyi county, Zhejiang province, China.(REUTERS)

China's pigs become unexpected threat to palm oil's rally

Bloomberg
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