Weekly Comic: Gold, Silver Surge To Highest In Years Amid Flood Of Stimulus

Published 25/07/2020, 14:02
XAU/USD
-
XAG/USD
-
GC
-
SI
-

By Jesse Cohen

Investing.com - Gold prices scored their best weekly gain in three months, with prices of the yellow metal breaking above the $1,900-mark for the first time since September 2011 on Friday.

Gold futures for August ended up $7.50, or 0.4%, at $1,897.50 per ounce on New York’s Comex.

It earlier rose to a session high of $1,904.60, its strongest level in nine years, when gold hit a record high of $1,923.70 on September 6, 2011.

For the week, gold rose nearly 5%, rallying for a seventh straight week and posting its biggest weekly advance since the start of April.

At current levels, gold is closing in on its 2011 all-time high.

Many expect the precious metal to continue its surge towards the never-before-seen-level of $2,000 an ounce in the coming weeks.

Gold has surged 24% this year, boosted by low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.

Silver, meanwhile, settled 0.6% lower on Friday at $22.85 per ounce.

Like gold, it too rallied to its best level in years, hitting its highest since September 2013 at $23.64 on Wednesday.

Silver jumped over 15% for the week, its best since 2008, bolstered by hopes for a revival in industrial activity.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.