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In intra-day trading, the contract for delivering gold in August moved as high as $1,941.90. The record-setting performance capped off seven consecutive days of gains, a 9 percent rise over the past month, and a 27 percent leap since the beginning of the year. The record at the COMEX commodities exchange in New York came one trading day after gold topped $1,900 an ounce in its London auction for the first time in the 101-year-old history of the metal’s daily pricing there.
A near-perfect storm has triggered an investment rush to the safe haven metal since mid-March when it was changing hands for less than $1,500 an ounce:
While investors cannot count on gold continuing to soar at its record pace, the factors that have taken the precious metal to its all-time high remain in place: coronavirus cases continue raging through the country which may necessitate further lockdowns, and the Federal Reserve has explicitly stated it will continue aggressively supporting the economy through purchases of government and private sector debt and will maintain a near-zero interest rate policy for the foreseeable future.
For these reasons, numerous investment firms and savvy professional investors remain bullish on gold, expecting the precious metal will break $2,000 an ounce.
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