Gold Surges Near $2,000 as Analyst Affirms the Rally Has Not Done!
Gold Surges Near $2,000 as Analyst Affirms the Rally Has Not Finished!
Gold prices bounced back to stand near the $2,000 mark again as a weaker greenback, a pull-back in the U.S. Treasury yields gave the bullion a push.
On August 17, 2020, Spot Gold edged slightly higher to $1992.76 per ounce, while Gold Futures was at $2,002.90 per ounce.
An analyst from Standard Chartered Private Bank stated that the rally in gold prices has not ended, and the rally would depend on the policy rate as the surge throughout the year was because of the lower bond yields that led investors to seek other assets to invest in.
Meanwhile, the stumble of gold price in the previous was due to an uptick in bond yields in response to the positive development of the coronavirus vaccine, which drew investors out of safe assets.
The analyst asserted that as long as the bond yields remained below 1%, it would not alter Standard Chartered’s longer-theme.