Gold Futures are Strengthening During European Trade
In the comma division of the Newmax Stock Exchange, gold futures for October delivery traded at $ 2051.85 an ounce at the time of writing, up 0.72%.
Earlier in the day, the contracts traded at a daily high of $ 2054.60 an ounce. Gold is expected to find support at the $ 1960.00 level and resistance at the $ 2057.50 level.
Futures on the U.S. Dollar Index, which tracks US currency performance against a basket of six other leading currencies, rose 0.01% to $ 92.862.
Also at Comax, silver for September delivery rose 3.76% to $ 27.902 an ounce while copper for September delivery traded down 0.68% at $ 2.8973 a pound.
Gold futures are strengthening during European trading.
Surprised by the new gold records? It could be just the beginning, according to analysts.
The speed with which gold surpassed the threshold of $ 2,000 per ounce has raised.
The rebound to record levels, which pushed gold to $ 2,055 on Wednesday, has made the precious metal one of the best-performing assets in 2020. The metal has risen $ 500 this year and $ 200 in the past two weeks alone .
Overcoming the psychological barrier of $ 2,000 makes investors have to change their benchmarks, said Frederic Panizzutti of Swiss precious metals firm MKS.
A wave of hoarding has fueled the rebound. Investors added 922 tons of gold worth $ 60 billion at current prices to their stocks in exchange-traded funds this year, according to the World Gold Council.
US Treasury yields, in normal times, a safe asset that is much more popular than gold, have dropped to minus 1.07% from 0.15% earlier in the year, making bullion seem like a better bet.
The dollar, another rival to gold as a safe asset and the currency it trades in, has fallen to two-year lows as the coronavirus infects more Americans.