Gold Tallies Multiple Records This Week
APMEX
7/31/2020 10:04:00 AM
Gold Reaches Record Highs
Gold climbed higher than $1,900 an ounce on Monday to mark its highest settlement on record. Investors continued to agonize over the state of the COVID-19 battered global economy and weakness in the U.S. dollar, amid concerns over the sustainability of recent stock gains.
Gold rose on Tuesday to mark another record-high settlement as a fall in U.S. consumer confidence lifted the precious metal’s haven appeal. The gains came after the Conference Board reported that the index of consumer confidence fell to 92.6 this month from a revised 98.3 in June.
Gold recorded a ninth gain in a row on Wednesday to settle at another record, then moved even higher after the Federal Open Market Committee reiterated plans to keep interest rates near zero until the economy sees further progress.
Gold finished lower Thursday, with bullion retreating from a record rally the previous session. Gold prices soared on Friday, shaking off the previous session. Cautious investors, fueled by concerns of growing economic troubles around the world, boosted demand for the safe-haven asset.
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