Gold prices soar to new five year high above $1,400
Gold prices continued their march toward a six-year high on Monday, with weakness in the U.S. dollar and 10-year Treasury yield, expectations for lower interest rates among global central banks and geopolitical concerns all contributing to haven demand for the precious metal.
August gold GCQ19, +1.36% GCQ19, +1.36% rose $18.10, or 1.3%, to settle at $1,418.20 an ounce, after trading as high as $1,421. Prices saw their highest most-active contract settlement since August 28, 2013, according to FactSet. That followed a gain of 4.1% last week.Gold’s gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook.
Last year Trump unilaterally withdrew from the seven country agreement known as the JCPOA which was containing Iran’s nuclear ambitions and imposed sanctions on Iran’s oil exports. The precious metal “continues to be extremely overbought with short positions staying at their yearly lows and long positions climbing to their highest level since February 2018,” said strategists at Societe Generale, in a note published Monday. “This extreme positioning is likely to linger as [Fed Chairman] Jerome Powell reassured markets about the Fed’s capacity and willingness to support economic expansion with rate cuts and other unconventional management tools.
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