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Home / Business / Gold continues the rally, pushing further past $ 1400

Gold continues the rally, pushing further past $ 1400



Gold prices resumed a press higher on Monday, as precious metal flow continued on improved prospects for the light monetary policy of the Federal Reserve and other central banks.

August Gold

+ 0.99%

GCQ19, + 0.99%

rose $ 12.60, or 0.9%, to $ 1.412.60 a ounce, approaching the elevation height of $ 1

,414.80 per ounce. On Friday, gold beat over $ 1400 an ounce for the first time since September 3, 2013, according to FactSet. The contract rose 0.2% in the end to $ 1,400.10 an ounce and got 4.1% for the week.

Read: Why gold prices have climbed to their highest since 2013

Last week's gold gains came after a Fed meeting where the central bank kept interest rates stable but talked about "uncertainties" over the US economic outlook . The European Central Bank and the Bank of England have also made poor comments during the week. Precious metals such as gold tend to attract buyers in low-interest climate.

But geopolitical tensions between the United States and Iran and uncertainty on global trade front have also lured investors into gold, seen as a refugee investment in times of political and economic uncertainty.

Global shares gently rose Monday after China's state-run Xinhua News Agency said Sunday that Chinese President Xi Jinping will attend the G20 summit in Japan this week, giving the first official confirmation of his meeting at the meeting where he was expecting to speak. on the sidelines with US President Donald Trump.

During the weekend, Trump said he would impose new sanctions on Iran from Monday, days after stopping the disturbances in the country that shot down an American military drone. But he also suggested that the two countries will eventually have a positive relationship, toning down harder rhetoric he has employed for much of his presidency.

"Gold's stay over the 15th century's psychology marks the warning tone over various asset classes on Monday. Rising geopolitical tensions, as well as the uncertainty over the US-China distance, ensure that real estate capacity is still in a supportive environment at the moment," said Han Tan, market analyst. by FXTM, in a note to clients.

On Monday, UBS strategist Joni Teves and Roque Montero lifted their gold target of three months to $ 1,430 from $ 1,380 per ounce. "Some years and more false starts later, we believe the macro background is now have begun to move more convincingly in gold's favor, "said the analysts, although they added that the gold route is" unlikely to be a straight road. "[19659002] They still maintain gold will end the year under the $ 1,400 level, raising its target to end at $ 1,370 from $ 1,325 per ounce, their forecast for 2020 was raised to $ 1,450 from $ 1,350, and from 2021 to 2023, the strategies expect gold to end these the years at $ 1500.

Elsewhere, July silver

SIN19, + 0.59%

rose 7 cents, or 0.5%, to $ 15.36 a ounce, and gained 3.3% last week.

In other metals, July copper

HGN19, -0.46%

was down 0.5% to $ 2,692 per pound. July platinum

PLN19, + 0.44%

added 0.52% to $ 814.70 one ounce while September palladium

PAU19, + 0.56%

rose 0.4% to $ 1,506.20 an ounce.


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