Login ID:
Partner Login
Contact Us : 7066511911

Comex Gold Hits Record High Amid Virus Fear, Weak Dollar

3 Aug 2020 8:02 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Gold rose to an all-time high on Monday as a softer U.S dollar and fears over the global economic fallout from surging coronavirus cases lifted demand for the safe-haven metal.
Spot gold was up 0.1% at $1,976.47 per ounce by 0028 GMT, after hitting a record high of $1,984.66 in early Asian trade.U.S. gold futures rose 0.5% to $1,996.30.
The coronavirus has infected 4.6 million people in the United States and more than 17.96 million people globally.
The United States is in a new phase of the novel coronavirus outbreak with infections "extraordinarily widespread" in rural areas as well as cities, White House coronavirus experts said on Sunday.
Meanwhile, White House Chief of Staff Mark Meadows said he was not optimistic on reaching agreement soon on a deal for the next round of legislation to provide relief to Americans hit hard by the pandemic.
The dollar index held close to a more than two-year low against its rivals, making gold less expensive for holders of other currencies.
On the physical side, Chinese gold dealers were forced to offer the steepest-ever discounts last week as demand plunged.
Speculators reduced their bullish positions in COMEX gold and silver contracts in the week to July 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
(Commodities Control Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Precious Metals Gold (COMEX) Testing Range Support ...
Precious Metals Silver (Dec 20) Key Support at $25...
Comex Gold Inches higher on U.S.- China Tensions, Recov...
Precious Metals Silver (Dec 20) Key Support at $25...
Precious Metals Gold (COMEX) Testing Range Support ...
Top 5 News
Chana/Chana Dal Extend Gains in Major Spot Markets
Upward Rally Continues In Tur At Major Mkts
Weak global cues, physical demand arrest uptrend in soy...
New, Old Moong Gains For Second Straight Day In Selecti...
Jeera: Spot Prices Rise Despite Increased Arrivals; Fut...
Top 5 Special Reports
USD/INR (Sep 20) Needs a Breakout Above Resistance a...
India Kharif Production Set to Increase 9.83 M Tonnes
USD/INR (Sep 20) Needs to Surpass Resistance at 74.2...
Weekly: Tur-Urad Posts Strong Gains, While Masoor-White...
USD/INR (Sep 20) Needs to Surpass Resistance at 74.2...
Copyright © CC Commodity Info Services LLP. All rights reserved.