‘Golden Touch’ Continues For Gold as Treasuries, Dollar Slump

Investing.com – Gold’s “golden touch” hasn’t deserted it, apparently.

Fears that bulls were all wrong about their “higher and higher” calls for the shiny metal were disproved Tuesday as futures on Comex broke above $2,020 an ounce the first time in a week. 

But before the safe-haven crowd could really celebrate, the market fell $35 intraday, reaching a session low of $1,985. It briefly revived memories of last week’s “Black Tuesday” drop of 5% and swing of nearly $130 on the day.  

Yet, the day still ended well for gold bugs as futures and spot prices of the metal for immediate delivery rose about 1% each, adding to Monday’s gain of 2% or more.

Benchmark December gold futures on Comex settled up $14.40, or 0.7%, at $2,013.10 after an intraday peak at $2,023.90. Read more…..


Chart of the Day

Icarus TV

Ray Dalio, the billionaire founder of Bridgewater Associates, the world’s largest hedge fund, discusses his views on the global economy amid the coronavirus pandemic and why he’s worried about the U.S.’s ability to compete with China. He spoke in a 30-minute conversation with Bloomberg’s Erik Schatzker during the Bloomberg Global Asset Owners Forum.

Share This Post

Leave a Reply