Gold hits an all-time high of $1,945/oz on safety demand

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Friday, 27th of July, 2020

Gold prices hit an all-time high of $1,945 per ounce this morning, while Silver price broke above $24 per ounce, as the escalation in the US-China tensions, the monetary stimulus, and the weaker US dollar; continue to bolster safe-haven demand. 

Looking at the forex market, we can see the Euro continuing its upward trend above the 1.17 level, hitting a 2-year high, gaining support from the massive EU recovery fund approved last week, and the drop of the US dollar index to its lowest level in two years. 

US stock futures edged higher on Monday morning, ahead of a big week of corporate earnings, and on hopes for another coronavirus stimulus package. 

Asian markets rose 1% on the first day of the week, following the overnight gains in the US futures coupled with improved Chinese industrial activity. 

Crude oil was slightly higher this morning, recovering some of last week’s losses as investors worry that the ongoing geopolitical tensions and rising COVID-19 cases would damage the oil demand growth. 

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