Gold Per Ounce In Usd – Morning recap: IDF soldiers kill a soldier in a hospital, a man receives a brain transplant from Elon Musk’s startup, and an astronaut dies after both parachutes fail.
A worker stores 1 kilogram gold bars in the precious metal warehouse at Pro Aurum KG in Munich, Germany, on July 22. Andreas Gebert/Bloomberg via Getty Images
Gold Per Ounce In Usd
The price of gold recently hit $2,000 an ounce, a record-breaking hit — which experts say could contribute to a lack of confidence in the rising stock market.
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“Gold has become a safe bet,” said Matthew Miller, a mining analyst who focuses on metals and mining at CFRA Research. “Many gains this year have assumed that things will improve. If that does not happen, we think that the financial gain that is happening is really dangerous.”
“The market is not convinced that we are seeing the end of the coronavirus pandemic,” said Giles Coghlan, chief financial analyst at HYCM, a UK-based brokerage. “The stock market can make modest gains on a day-to-day basis – but the second chance for an increasingly visible event can cause those gains to disappear.”
“There are a lot of skeptics out there who look at the stock market and say there is a lot of bloat in the real economy.”
Historically, the biggest downside to investing in gold is that it does not pay dividends like stocks or interest like bonds. “There is a chance to get gold,” said Miller.
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But the Federal Reserve’s open commitment to keeping interest rates close to zero has thrown a wrench into the equation. With the yield on the 10-year Treasury bond fluctuating below half a percent, many investors are thinking that the trade-off of losses and steady returns is worth the increased savings outlook.
“There’s a big market for hearing in 2020,” Miller said. “There are many skeptics out there who look at the stock market and say there is a lot of volatility in the real economy. That’s what the real economy looks like when you take all the incentives out there.”
President Donald Trump’s plan to defend the country has damaged America’s image in the world, while promoting the American dollar as a safe haven. Even before the pandemic, gold prices rose as many countries moved away from the US dollar as the world currency.
“Gold competes with the dollar as a safe haven in times of great risk, but the dollar is finally starting to show some signs of weakness,” said Jeffrey Frankel, professor of finance and growth at Harvard. Kennedy University School of Government.
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But this does not mean that you should throw money together in 401 (k) and bring gold, experts say.
“Even if you consider gold as a hedge against inflation or chaos, it’s a very valuable asset. It’s not like bonds,” said Bryan Routledge, professor of finance at Carnegie Mellon University.
“The fact that the price has just risen to a higher level is not a reason to buy it because it is not a sign that it will stay at that price,” Frankel said.
According to Frankel, the average American is more likely to buy without advice at this time. “Others don’t jump around because small investors end up losing money by participating in these meetings,” he said.
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“Some of the best advice we can give investors is to just stick to your strategy, especially if you have a long retirement horizon,” Miller said.
Routledge said it’s understandable that people want to protect their nest eggs, but the reality is that the pandemic has drastically changed the equation. “When you have a risk that affects the whole economy, there is nothing we can do to overcome the fact that consumption and production are down significantly,” he said.
“People want to get some type of insurance and have safe assets during financial crises. But in financial crises, nothing is safe,” he said. after the resistance, gold returned to $ 1,832 / oz before the explosion, although it broke the resistance level at $ 1,832. marks an important support level at $10,837 to maintain further strength. This is a 38.2% retracement of the March rally.
Credit Suisse analysts said the price of gold will need to rise above $10,666 again, followed by a revision of August above $2,755, looking at the dollar 2016. Finally, the move above will see resistance at $295 and then $2,300.
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With the yellow metal falling slightly below $183,000, the Credit Suisse team warns of a downside but still fixing the pullback to the 200-day moving average at $177,000 and the possibility of $1,726.
October 23, 2020 Update: Gold extended its August consolidation after moving on the Credit Suisse base of $2,750 and $280,000. However, the company’s analysts added that it will hold the main support at $183,000, a retreat of 38.2% from the March meeting.
Analysts at Credit Suisse expect this to continue and the decline to continue before breaking above $1,993 for a fresh look at $275. Ultimately, they expect gold prices to continue their major uptrend and see resistance at $2. 175 followed by $2,300. But they also believe that this will not happen until next year.
If gold falls below $10,837, Credit Suisse analysts think it could drop to $175,000 or even $176,000, but he thinks it will still be there.
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Update October 6, 2020: Gold prices fell as the US dollar steadied and Federal Reserve Chairman Jerome Powell did not offer much support for the metal as he urged Congress to provide more stimulus. Despite record gains in ETF holdings, gold remains steady as Wall Street begins to buy prices in muted markets around the election.
“Gold will rise above the $2,000 level as good news about the treatment of the coronavirus and the vaccine will eliminate some safe-haven flows,” he said. “Investors do not deny that the economy will improve in the stimulus, the question is how much and if it will be accompanied by an easy way to spend money on buildings.”
October 1, 2020 Update: Gold prices rose again above $190,000/oz as jobless claims fell more than expected. The Labor Department said today that 837,000 Americans filed initial claims for unemployment last week, a drop of 36 from the previous week and an increase of 3,000 to 387.
This is the lowest number of jobless claims since the pandemic ravaged the US economy. Economists had expected to see 850,000 new jobless claims last week. Although the labor market data was better than expected, it did not affect the price of gold.
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Commerzbank analysts said in a note this week that the bull market in gold is unlikely to end anytime soon. He said there are many problems facing the economy at the moment, including rising national debt, non-printing of money by big banks, lack of currency and political risks.
In addition, ETF traders are still adding to their gold holdings, as inflows into ETF gold reached 54 tons last month and 240 tons in the third quarter.
September 10, 2020 Update: Gold rose today as the first unemployment rate was worse than expected, at 884,000. The four-week moving average for new claims rose to 970,750, while unemployment continued to rise to 13,385. million for the week ending August 29.
As the market digested the data, gold fell, and it looks very much like our metal path this year may be slow. In August, gold prices fell by 0.38% for the first time in five months.
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Data from the World Gold Council showed inflows to gold-backed exchange-traded funds fell to 39 tons. It was the ninth consecutive month of contraction, but the slowest rate of growth so far this year. So far this year, global net inflows to gold ETFs have increased by 938 tons.
North America saw strong flows with an increase of 41 tonnes in August. Gold ETFs listed in Asia rose by 7 tons in the month. The price of gold reached a new record in early August as trading volume increased, but the World