Gold Continues March Toward All-Time High
APMEX
7/24/2020 8:51:56 AM
Gold Prices Continue to Rise
Silver marked its highest finish since 2016 on Monday, while Gold ended higher for a second consecutive session. Both metals found support as the rise in worldwide COVID-19 cases threatened economic recovery. Expectations for lower interest rates and more stimulus measures, as well as rising debt and U.S.-China tension, have prompted haven-demand.
Gold soared Tuesday to mark a nearly nine-year high. Silver rallied to its highest since 2014. Precious Metals saw a lift by an agreement on a fiscal rescue plan by European leaders and expectations for additional spending by the U.S. government. EU leaders ended an exhausting four-day summit with an agreement on a €1.8 trillion ($2.1 trillion) budget and rescue-fund package aimed at aiding the worst-hit economies in the wake of COVID-19.
Gold and Silver rose further Wednesday, with Silver ending at its highest since 2013. Bullion got a boost after China said the U.S. had ordered it to close its Houston consulate, marking a sharp uptick in tensions between the two countries and sparking demand for haven buying.
Gold ended higher for a fifth consecutive session on Thursday, settling just short of notching a settlement record. The surge for Gold comes against a backdrop of continued insecurity about the economic landscape for the U.S. and other countries struggling to deal with the outcome from the COVID-19 pandemic.
Gold edged higher Friday, as rising U.S.-China tensions and fears about the economic outlook fueled haven-related demand for the yellow Precious Metal. On Friday, China ordered the U.S. to close its consulate in the western city of Chengdu. Earlier this week, the U.S. ordered China to close its Houston consulate, alleging Chinese agents tried to steal data. The retaliation from China is further fueling haven buying.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
