Gold Up, Remains Within Striking Reach of $1,800

Gold Up, Remains Within Striking Reach of $1,800 By Barani Krishnan for Investing – Gold stayed within striking distance of the $1,800 per ounce target on Monday, with the safe-haven crowd keeping the yellow metal in positive territory despite an unexpected ramp up in risk by investors shrugging off some of their fears over the Covid-19.

U.S. gold futures for August delivery settled up 90 cents, or 0.05%, at $1,781.20 per ounce on New York’s Comex. On Thursday, the benchmark gold futures contract spiked to $1,796.10 , the highest reached on COMEX since November 2011.

Spot gold, which tracks real-time trades in bullion, rose by 80 cents, or 0.05%, at $1,772.27 by 3:24 PM ET (19:24 GMT). The bullion indicator hit an intraday high of $1,779.45 on Thursday, marking a peak since October 2012.

“Gold is continuing to edge its way towards its next huge test, which will come around $1,800,” said Craig Erlam, markets strategist at New York-based online trading platform OANDA.

“A break above here could be huge but, as has been the case for so long with gold, we may just have to be a little patient. The strength of the dollar continues to slow the ascent but it is gradually falling out of favor as economies reopen.”

The dollar, a contrarian trade to gold, was up 0.07% at 97.472, measured by an index pitting the greenback against a basket of six currencies.

On Wall Street, the Dow rose 1.8% as investors overcame some lingering jitters over the Covid-19, whose global infection rate surpassed the 10 million mark over the weekend. U.S. stocks also rallied on Monday as Boeing (NYSE:BA) made a show of the rectification process for its grounded 737 MAX jets that gave some hopes of recovery for the badly impacted aviation industry.

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Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.