Gold Shines to a record high as US/China Tensions escalate and US dollar slips to the lowest level since October 2018.
Gold Comex spot rose to an all-time high of $1944.46 an ounce in today’s early trade session, led by
(1) Catastrophic plunge in the US dollar, which slipped below 94, hovering around 93.8, the level last seen in October 2018,
(2) Further escalations of US-China tensions after China ordered the U.S. to close the consulate in Chengdu in retaliation for the U.S. shutting down the Chinese consulate in Houston,
(3) Heightened safe-haven demand, which drives the Gold-backed ETF holdings to hit a new record high long investments of 3312MT, the previous record high was seen in 2009,
(4) Dovish central banks expectations and,
(5) The rising spread of Covid-19 infection throughout the word.
Coming to domestic bourses, Gold in Mcx opens at record high level of Rs51754/10grams following the strong buying momentum in the international markets.
Story by Tarunsatsangi.com