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Gold Heads For Weekly Gain As It Holds Above $1,800 An Ounce
Friday, 10 July 2020 20:28 WIB | PRECIOUS METALS |GOLDEMAS

Gold futures traded modestly higher Friday, on track for a weekly gain as the yellow metal remained above $1,800 an ounce, buoyed by a fall in bond yields and a desire to hedge against risk amid continued uncertainty over the economic outlook.

August gold was up $11.80, or 0.7%, at $1,815.60 an ounce on Comex, while September silver rose 17.3 cents to $19.135 an ounce. Gold futures ended lower on Thursday, pulling back a day after scoring another settlement at the highest since September 2011, but the haven metal held ground above $1,800 an ounce after data showed weekly U.S. jobless benefit claims remained well above 1 million.

Gold is on track for a 1.4% weekly gain and is up more than 19% for the year to date. Analysts have tied gold™s rally in part to a continued fall in bond yields, which have eroded or eliminated the opportunity cost tied to holding non-yielding assets such as gold. In addition, gold has retained appeal amid worries that aggressive stimulus efforts could spark inflationary pressures.

Source : Market Watch

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