Sun. Aug 9th, 2020

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Gold set for best month in 4 years after record-breaking gain

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Gold is set for the biggest monthly gain in more than four years after a weaker dollar and low rates fueled its surge to a record. Silver headed for its best month since 1979.

Spot bullion is up 11% in July as a gauge of the dollar slumped, prompting concerns its status as the world’s reserve currency of choice is at risk, and U.S. real yields fell to a record low. While the ferocity of gold’s rally cooled as the week wore on, it’s only about $10 shy of its all-time high and most market watchers predict there may be more gains ahead.

The metal has surged almost 30% in 2020, putting it on track for the biggest annual increase in more than a decade, as concern about the fallout from the coronavirus pandemic boosts its appeal as a haven. The Federal Reserve this week repeated a vow to use all its tools to support the U.S. economy, with governments and central banks worldwide already unleashing vast amounts of stimulus to shore up growth.

Spot gold rose as much as 0.9% to $1,974.30 an ounce and traded at $1,972.84 by 1:58 p.m. in Singapore. Prices touched a record $1,981.27 on Tuesday and are up for an eighth week, the longest run of gains since 2006.

Gold traders on Thursday declared their intent to deliver 3.3 million ounces against the August Comex contract, the largest daily delivery notice in bourse data going back to 1994.

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