Gold Price Tops $1,800 oz, Posting its Best Quarter in 4 yrs

Gold Price Tops $1,800 oz, Posting its Best Quarter in 4 yrs

#gold #COMEX #coronavirus #bullion #metal #inflation #HefCap #Fed

$XAU $GLD

Gold futures rose above 1,800 oz for the 1st time in more than 8 yrs as low interest rates, China tensions and virus chaos are driving demand for the precious Yellow metal as a safe-haven.

Bullion for August delivery rose as much as 1.3% to 1,804 oz Tuesday on the COMEX in New York, the highest for a most-active contract since November 2011. The metal posted its best Quarter in 4 yrs.

Savvy investors are buying gold for insurance against further economic fallout from the C-19 coronavirus chaos.

Fed Chairman Powell told Congress Tuesday that getting the virus under control is vital.

A flare-up in US-China trade frictions is lending support to the precious Yellow metal, and banks including Goldman Sachs Group Inc. and HefCap are forecast more gains. Our target is 2500 oz

We are seeing a big in demand for gold. There is the virus concerns, but Key is that inflation on the back of people’s mind, and the fact that bullion is up almost 18%+ this year is driving it higher.

August futures settled at 1,800.50 oz Tuesday, for a gainer of 1.1%. Prices have advanced for 3 sessions running. Gold marked all-time highs in September 2011, with futures rising to 1,923.70 and spot prices advancing to 1,921.17 oz.

Goldie said gold could climb to a record 2,000 oz over the next 12 months, while JPMorgan Chase & Co. recommended investors buy bullion.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.