$GLD $XAU $USO $OIL $SPY $USD
Gold broke above 1,700 oz on a into safe- havens intensified, with the upswing driven by turmoil in the Crude Oil market, the spread of the coronavirus, sinking equities, and expectations of easier monetary policy.
The precious Yellow metal hit its highest mark since Y 2012 as Brent collapsed, futures on the S&P 500 Index sank, and the entire Treasury yield curve dipped below 1% for the 1st time. Investors have already driven holdings in bullion-backed ETFs to a record YTD.
Gold has immunity to the virus, according to Goldman Sachs Group Inc., which dubbed the metal as the currency of last resort and predicted that prices could Top 1,800 oz.
Spot gold surged as much as 1.8% at 1,703.39 oz, the highest since December 2012, and traded at 1,697.64 at 10:41a in Singapore. The gainers came as 10-year US T-Note yields dove below 0.5% to a record low on the rush for safer assets.
The Fed implemented an emergency rate cut last week, and there are bets for more easing, which would benefit non-interest bearing gold.
In addition, investors will track this week’s scheduled policy meeting of the European Central Bank.
Among other precious metals, silver lost 0.9%, platinum fell 1.2% and palladium dropped 2.9%.
Have a terrific week
Latest posts by HEFFX Australia (see all)
- Keeneland September Sale Graduate Swiss Skydiver Favored In Grade 1 Alabama - August 14, 2020
- Guillaume d’Ornano History: A new road to the Autumn summits - August 14, 2020
- Gontaut-Biron History: A Summer encore - August 14, 2020