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Comex Gold Rises to Record High on Stimulus Bets, Weak Dollar

5 Aug 2020 6:58 am
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Mumbai (Commodities Control) – Gold scaled an all-time peak on Wednesday, rising above the key $2,000 mark, as a weaker dollar and hopes of more economic stimulus to combat the blow from the COVID-19 crisis boosted the safe-haven metal's appeal.

Spot gold was up 0.2% at $2,022.42 per ounce by 0032 GMT, having hit a record high of $2,030.72 in early Asian trade.U.S. gold futures rose 0.9% to $2,039.50.

Coronavirus cases continue to surge in the United States and dozens of U.S. states have had to pause or roll back their reopening plans. More than 18.41 million people have been reported to be infected worldwide so far.

White House negotiators on Tuesday vowed to work "around the clock" with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week.

Gold, which has risen more than 33% so far this year, tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.

The dollar index fell 0.3% against its rivals, making gold less expensive for holders of other currencies.

Holdings of SPDR Gold Trust rose 0.8% to 1,257.73 tonnes on Tuesday.

Further supporting gold, the five-year U.S. Treasury yield hit a record low, while the benchmark 10-year Treasury yield fell to a five-month trough on Tuesday.

(Commodities Control Bureau)

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