XPost: soc.culture.usa, alt.politics
Gold soars to all-time high as dollar dive boosts safety rush
(Reuters) - Gold surged to record highs on Monday as an intensifying
U.S.-China row and a weaker dollar sent investors scurrying to the
safety of bullion to hedge against the risks to a global economy already reeling from the COVID-19 pandemic.
Spot gold rose 1.7% to $1,934.06 per ounce by 0802 GMT after hitting a
record high of $1,943.93. U.S. gold futures gained 1.7% to $1,929.40.
Silver too joined the rally, jumping 5.5% to $24, after hitting its
highest since September 2013 at $24.36.
Gold is in “perfect condition to move higher,” said ANZ commodity strategist Soni Kumari, as central banks push for liquidity amid the
pandemic.
“Further support is also coming from falling yields, weaker dollar and geopolitical tensions between the U.S. and China. The safe-haven demand
(for gold) has been rising while there is none for USD anymore.”
https://www.reuters.com/article/global-precious-idINKCN24S09K
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