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Gold, a safe haven, hit new highs

by magictr
July 28, 2020
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Gold, a safe haven, hit new highs
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L’or, valeur refuge, atteint de nouveaux sommets historiques

Photo: Mike Groll Archives Associated Press
Gold has broken its historical high during trading asian to peak at 1945,26 per ounce on Monday.

The gold price reached on Monday a new record level, confirming its status as a safe haven in the face of the pandemic coronavirus and us-china tensions, and helped also by the depreciation of the dollar.

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Gold has broken its historical high during trading asian to peak at 1945,26 per ounce on Monday. It has largely erased its previous record in session about 1921 per ounce, which was signed in September 2011. The price of the yellow metal has appreciated more than 27 % since the beginning of this year.

To the Exchange of raw materials, of New York, the price of gold has jumped 33,50 US $ 1931,00 US $ per ounce after climbing up to 1941,90 US$.

At the time where the epidemic of coronavirus worsens in many countries, the investor pays lip service to this eternal safe haven in times of crisis. “All of the conditions to climb the gold are met,” commented Edward Moya, analyst for Oanda : the extremely accommodating monetary policies should continue, the real interest rate bonds, which ” moved deeper into negative territory “, “the uncertainty around the virus” with the fear of a “new wave in autumn” and the geopolitical tensions between Beijing and Washington, he enumerated.

27%

It is the price appreciation of the yellow metal since the beginning of this year.

The extensive monetary easing measures decided by the american federal Reserve (Fed) have indeed pushed the dollar lower in recent months, further strengthening the attractiveness of gold. The market of the precious metal is denominated in dollars, a lower u.s. currency makes it less expensive for buyers using other currencies.

Us-china Tensions

High earnings of gold “are inevitable at the time when we are entering a period similar to the environment emerged after the global financial crisis ], 2008-2009], where the price of gold had reached record levels because of the amounts of money injected by the Fed into the financial system,” said Gavin Wendt, an analyst for MineLife.

“Gold is clearly the beneficiary of the demand for safe haven assets “, while the yields of other investments ” sting of the nose “, such as those of sovereign bonds under the effect of massive intervention by central banks, has also commented on Stephen Innes of AxiCorp in a note published Monday.

The uncertainties already heavy on the recovery of the world economy in the second half are grafted to fears of a new escalation of tensions between the two largest economies in the world, which weigh on the equity markets.

After the United States had called for the closure of the consulate of China in Houston, considered by Washington as a ” hub of espionage and theft of intellectual property “, Beijing responded by ordering the closure of the diplomatic mission in the u.s. to Chengdu, in the south-west of China. China announced on Monday to have “taken possession” of the us consulate in Chengdu.

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