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Jul 28, 2020
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Gold futures hit another record high, silver prices hit a record high in nearly seven years

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The price of spot gold hit a record high of US$1,945 in intraday trading this Monday, while spot gold rose 2% and remained above US$1,940. On the other hand, the price of gold futures broke through the highest intraday US$1,940, and rose by 1.77% at the close, reaching US$1931 per ounce, breaking the intraday and closing records respectively.

Some analysts pointed out that there are two main driving forces for gold in the near future. The first is the tense international political relationship; the second is the U.S. dollar plummeting. The U.S. dollar index has fallen to a two-year low on Monday. Coupled with the market’s extensive hedging demand, we may Soon we will see the price of gold break through the $2,000 mark.

In addition, the price of silver also rose sharply, rising more than 7% on Monday to close at $24.50 per ounce, setting a new closing high in the past seven years. In terms of international oil prices, the market hopes that the US government will introduce a new round of stimulus plans in the near future to drive fuel demand. US WTI light crude oil futures and Brent crude oil futures both closed slightly higher on Monday.

Overall, gold has risen close to one-third this year. According to data from the World Gold Council, investors used $7.4 billion in cash for gold transactions this month. In the first half of the year, the total investment reached a record 40 billion US dollars.

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