Gold price hits record high as US dollar sinks – by Editor (Mining.com – July 27, 2020)

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Gold continued its upward climb on Monday and made history by touching record prices as worries over the coronavirus pandemic and intensifying US-China tensions weighed on investor sentiment.

Spot gold surged 2.0% to $1,940.96 per ounce by 11:15 a.m. EDT. Earlier in the day, the spot price set an all-time high by trading at $1,945.10 per ounce, eclipsing the previous record high set in September 2011.

Gold futures for December delivery, now the most actively traded contract, rose 1.9% to $1,962.40 per ounce on the Comex in New York.

Bullion’s latest surge came as a gauge of the US currency sank to its lowest in more than a year, the latest in a long line of bullish factors — including negative real rates and bets on the Federal Reserve to keep policy accommodative when it meets this week — that are pushing prices ever higher.

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