Gold price hits another record high, closing in on $2,000

4 August
Kitco News:

Gold prices are steady to slightly higher in early U.S. trading Monday but did hit another record high of $1,997.00, basis October Comex futures. Silver prices are also firmer. Same story: Good safe-haven demand and bullish charts are keeping buying interest keen for the two precious metals. October gold futures were last up $2.20 an ounce at $1,976.10. September Comex silver prices were last up $0.194 at $24.415 an ounce.

Global stock markets were mixed to higher in overnight trading. The U.S. stock indexes are pointed toward mixed to mostly firmer openings when the New York day session begins. The big news in the business world is weekend reports that U.S. President Trump has given the Chinese company TikTok 45 days to sell its U.S operations, as Trump says TikTok is a national security threat to the U.S. Microsoft said Sunday it plans to by TikToc. This move by the U.S. ratcheted up another notch the U.S.-China strains. That’s bullish for the safe-haven gold and silver markets.

China’s Caixin manufacturing purchasing managers index (PMI) was reported Monday and came in at 52.8 in July versus 51.2 in June and a 51.1 reading forecast by analysts. A reading above 50.0 suggests expansion in the sector. The July number was the best since 2011 and suggests the world’s second-largest economy continues to rebound while at the same time the U.S. economy may be suffering a setback from its recovery from the Covid-19 pandemic lockdowns.

 

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