Gold Back Over $2,000 per Ounce
APMEX
8/18/2020 9:26:23 AM
Gold Climbs Back to $2000 Per Ounce
After hitting a historic high two weeks ago, Gold had a huge one-day drop and retreated as the dollar strengthened. Today Gold re-broke $2,000 per ounce.The dollar has weakened slightly in the last few days and Treasury bond yields have lowered as confidence in the U.S. economy wanes. U.S.-China tensions have increased as trade talks planned for the weekend stalled and were delayed, while the Trump administration has installed sanctions on Chinese telecommunications company Huawei over security concerns.
Gold jumped as much as 2.4% Monday on news that Berkshire Hathaway was buying the Precious Metal. That continues an upward trend of 32% year over year. Traders are preparing for another move based on the Federal Reserve's minutes release slated for Wednesday.
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