Gold Soars Near $2,100 as U.S. Stimulus Plan Struggles and Greenback Hits 2Y Low

Gold prices continued to hit an all-time high and on the pace of reaching $2,100 per ounce amid a softer greenback, lower U.S. Treasury yield and concerns over rising cases of coronavirus.

 

Gold spot rose to $2,072.53 per ounce in early Asian trade, while Gold Futures jumped to $2,089.20 per ounce.

 

The greenback was heading for its seventh consecutive weekly decline and was close to more than its two-year low. Meanwhile, the U.S. 10-Year Treasury yield dipped to 0.52%

The lower in dollar and treasury yield prompted investors to seek a safer asset as uncertainty surrounding the U.S. stimulus package lowered investors sentiment, while the coronavirus cases continued to rise.

As of Friday, August 7, 2020, global coronavirus cases recorded at 18.94 million with 708,848 deaths. The U.S. remained world’s number one in most infectious cases and deaths with 4.8 million cases and 158,546 fatalities.