{"id":30857,"date":"2020-08-07T11:44:37","date_gmt":"2020-08-07T06:14:37","guid":{"rendered":"https:\/\/kashmir.today\/?p=30857"},"modified":"2020-08-07T11:44:37","modified_gmt":"2020-08-07T06:14:37","slug":"gold-smashes-record-high-as-safety-rush-intensifies","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=30857","title":{"rendered":"Gold smashes record high as safety rush intensifies"},"content":{"rendered":"\n

Safe-haven demand continues to propel gold to new highs.<\/em><\/strong><\/h4>\n\n\n\n\n\n

Reuters Reports<\/em><\/strong>: “Gold smashed a record high on Friday as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.<\/p>\n\n\n\n\n\n

Spot gold was up 0.3% at $2,069.78 per ounce by 0308 GMT after hitting an all-time high of $2,072.50 in early trade. It has added 4.7% so far this week in what would be its ninth straight weekly gain. U.S. gold futures rose 0.6% to $2,081.60.<\/p>\n\n\n\n\n\n

Silver too continued its stellar run. It rose as much as 3.1% to $29.84, adding nearly 19% so far this week in what would be its best week since 1987.<\/p>\n\n\n\n\n\n

\u201cIt’s difficult to hold anything but a constructive view (on gold),\u201d said ING analyst Warren Patterson.<\/p>\n\n\n\n

\u201cWhilst the pace of the rally may slow, there certainly does seem to further upside in the near term, and for the remainder of the year.\u201d<\/p>\n\n\n\n\n\n

Surging COVID-19 cases in the United States have dampened hopes for a nascent economic recovery and weighed on rival safe-haven dollar. The greenback was headed for its seventh consecutive weekly decline.<\/p>\n\n\n\n\n\n

Gold is likely to hover around $2,020-2,080 an ounce in the near term, said National Australia Bank economist John Sharma.<\/p>\n\n\n\n

\u201cThe key factor will be how this virus plays out, and whether there is any progress on vaccines,\u201d he added.<\/p>\n\n\n\n\n\n

Benchmark 10-year U.S. Treasury yields were at five-month lows, making the non-interest bearing bullion an attractive investment, and helping it rise more than 35% so far this year.<\/p>\n\n\n\n\n\n

The next focus is closely-watched U.S. employment data, due at 1230 GMT, which is expected to show a payroll increase of 1.58 million in July, compared to 4.8 million in the previous month.<\/p>\n\n\n\n\n\n

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Our Chief Market Strategist, @JReade_WGC<\/a> recently joined Norman Villamin and Peter Kinsella from @UBP_Group<\/a> for a webinar on the strategic case for #gold<\/a>. Watch now on #Goldhub<\/a>: https:\/\/t.co\/T7KbenKjks<\/a> pic.twitter.com\/Eyc1qP0sik<\/a><\/p>— World Gold Council (@GOLDCOUNCIL) August 6, 2020<\/a><\/blockquote>