PRESS ROOM
Gold above $1800/oz for the first time since 2011
Monday 13th July '20
Gold is trading above $1800 for the first time since 2011 with the precious metal drawing strength from several forces:
• An uptick in speculative positioning in futures as infections rise in the US
• Geopolitical tensions between the US and China being back on the radar
• Weakness in the US dollar and further declining treasury yields
Gold is up over 19% year-to-date (as of 13 July), with investors turning towards the yellow metal as a hedge against:
• Currency devaluation due to highly accommodative monetary policy
• The risk of rising inflation
• Economic uncertainty and geopolitical risks