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Gold Shatters $1,800 Ceiling, Record High Eyed

CommoditiesJun 30, 2020 04:07PM ET
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By Barani Krishnan

Investing.com - Gold broke beyond the $1,800 per ounce target long eyed by bulls in the precious metal as concerns about a second wave of coronavirus infections colluded with stimulus measures aimed at helping economic recovery from the pandemic.

Some analysts predicted the yellow metal would set record highs above $2,000 in the coming months as Covid-19 cases ramp up.

“Speculation is a reason for change in gold prices,” tweeted Rachit Mehndirrata, an independent strategist on gold. “Investors speculate as to what government and central banks are going to do and then act.”

U.S. gold futures on Comex settled up $19.30, or 1.1%, at $1,800.50, after hitting an intraday high at $1,803.95. It was the highest reached by a benchmark Comex contract for gold since the all-time peak of $1,911.60 set in September 2011.  

Spot gold was $8.58, or 0.5%, higher at $1,781.20 by 3:40 PM ET (19:40 GMT), after a session high of $1,785.97. That was the highest for bullion since its September 2011 record of $1,920.85.

“I believe that with additional lockdowns happening globally that central banks will continue to support the market at any cost,” said Philip Streible, the chief market strategist at Blue Line Futures in Chicago.

“This should result in the Fed's balance sheet continuing to grow and in turn provide underlying support in the precious metals markets. Gold should continue to track higher with $1,900 by Labor Day, $2,000 by Thanksgiving.” 

New cases of Covid-19 have been raging again across the United States and other key economic centers of the world —  a phenomenon that those long on risk have done their best to downplay or ignore.

The United States has reported some 40,000 new coronavirus cases daily in the ongoing outbreak, and top U.S. pandemics expert Anthony Fauci said on Tuesday this could grow to 100,000 daily without proper social-distancing and other safety measures. 

Other health officials said the true national caseload was probably 10 times the official count. These estimates come as 2.7 million Americans have already been infected by the coronavirus, with a death toll nearing 130,000.  A new model by the University of Washington also predicts 200,000 coronavirus deaths in the United States by Oct. 1. 

Outside of the United States, China to India to New Zealand have all had higher caseloads recently. 

The U.S. Federal Reserve and Congress have passed more than $3 trillion in stimulus to aid economic recovery from the pandemic. 

The International Monetary Fund has, meanwhile, slashed its already gloomy growth projections for 2020, saying it expected the global economy to now contract 4.9% this year. That was much lower than the 3% drop it forecast in April.

Gold Shatters $1,800 Ceiling, Record High Eyed
 

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Comments (20)
robert morris
XcaliberTrading Jul 01, 2020 5:52AM ET
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People often miss the best opportunities by following the biased media articles. Many of my friends and myself will be buying your fear sells for months. No worries I have plenty of extra income and nothing but time to worry about. lol
Malaki Philippines
BuyDipsSellTips Jun 30, 2020 11:29PM ET
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Good soon I sell my tooth
Rodolfo Barraco
Rodolfo Barraco Jun 30, 2020 5:41PM ET
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Gold and silver fellas. Everything else is gona burst
Khyati Patel
Khyati Patel Jun 30, 2020 3:14PM ET
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Gold is only going up higher and higher. Fed is pumping do much money into economy and will comtinue to pump alot more causing massive inflation resulting in gold or hard assets going up, up, up
Magd Kishishian
Magd Kishishian Jun 30, 2020 2:39PM ET
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What expectations for the coming days؟؟
Cynthia Bwar
Cynthia Bwar Jun 30, 2020 2:20PM ET
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Hi,Any recommend online forex trader pls?
Romel Diaz
Romel Diaz Jun 30, 2020 2:20PM ET
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Oanda or Xm
Andrei Grecu
Andrei Grecu Jun 30, 2020 2:20PM ET
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As broker: BDSwiss, ICM Capital.You can trade directly from your mobile phone on MetaTrader4.
Chris Garcia
Chris Garcia Jun 30, 2020 2:17PM ET
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We’re going to $2500-$3k+ by the end of the year. Silver back to $50 as well. Load up now before we moon!
Dalami Mohammed
Dalami Mohammed Jun 30, 2020 2:11PM ET
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it ***up my account today
djavid hosseini
djavid hosseini Jun 30, 2020 2:11PM ET
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Why?
orlando vlore
orlando vlore Jun 30, 2020 2:09PM ET
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Bull run will start after 1800 level
Bulls MakeMore
Bulls MakeMore Jun 30, 2020 1:43PM ET
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Time to sell high
alex gallegos
alex gallegos Jun 30, 2020 1:43PM ET
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Give a number to sell high.
jai prakash sanadhya
jai prakash sanadhya Jun 30, 2020 12:56PM ET
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will spot gold will drop to 1700
Shaun Liu
Shaun Liu Jun 30, 2020 12:56PM ET
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yes, probably after it pass $2000 , and pull back to 1700 for the next up 3000
trau truu
trau truu Jun 30, 2020 12:29PM ET
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can only go up brrr brrr brrrrrrrrrr
Vugar Imamverdi
Vugar Imamverdi Jun 30, 2020 12:24PM ET
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already predicted this level . and higher levels are coming by the end of the year
Eric Deiner
Eric Deiner Jun 30, 2020 12:19PM ET
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Like to see Silver where it belongs.
Ruben Chacon
Ruben Chacon Jun 30, 2020 12:17PM ET
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I’m sure after this will have a few bull traps then will come down regardless of economic hardship remember this rocket launch of gold happened when consumer confidence peaked higher than in the last two months this spike should’ve been the total opposite but none of us here are newbies it’s common sense that a lot of people we’re going short with that type of news and they got wiped out! Wish you all the best
Andrew carson
Andrew carson Jun 30, 2020 12:17PM ET
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It doesn't sound like you understand the animal that is gold. Go with something you know.
Edward Chong
Edward Chong Jun 30, 2020 12:17PM ET
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Andrew carson haha well say.
Shaun Liu
Shaun Liu Jun 30, 2020 12:17PM ET
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banks are a few hundred tons short on gold at the average of 1400 , for every 25 ton they cover , gold goes up another $25 . they are screwed now, don't follow them
Aaron Klepper
Aaron Klepper Jun 30, 2020 12:15PM ET
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All paper money through out history eventually returns to its original value .. which is zero
Fathullah Taib
Fathullah Taib Jun 30, 2020 12:15PM ET
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True fact. Its just a paper with numbers.
puma jin
puma jin Jun 30, 2020 12:15PM ET
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recycled to be toilet paper
Mary Jane Wilson
Mary Jane Wilson Jun 30, 2020 12:10PM ET
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The dollar lookslike it will be worthless, we got some real economic problems ahead
Ruben Chacon
Ruben Chacon Jun 30, 2020 12:10PM ET
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Don’t forget where the herd goes to. It’s perfectly said by, “No Nonsense Forex” on youtube. It’s an episode called Banks probably the best video I’ve seen since I started my forex journey five years ago.
Cliff Njora
Cliff Njora Jun 30, 2020 12:08PM ET
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Possibilities for a further climb for the Spot Gold are still very possible ...
Mary Jane Wilson
Mary Jane Wilson Jun 30, 2020 12:07PM ET
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Looks like your better outting your hard earned miney on gold looks very profitable
Abba Sani
Abba Sani Jun 30, 2020 12:06PM ET
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$1784 on my chart here. The highest it goes
William Josey
William Josey Jun 30, 2020 12:06PM ET
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Definitely dont see 18 on the charts
Jermaine .A
Jermaine .A Jun 30, 2020 12:06PM ET
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Gold futures not Spot
Andrew carson
Andrew carson Jun 30, 2020 12:06PM ET
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Turn the light on
DAO GHULAM ALI AKMAL
DAO GHULAM ALI AKMAL Jun 30, 2020 12:06PM ET
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William Josey hello Dear Gold future in next 2/3 days what u say
 
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