Gold hits new record high of $1,980/oz, Silver at $26/oz

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Tuesday, 28th of July, 2020

Gold price extended its massive gains, after hitting a new record high at $1,980 per ounce in the early Asian trade. Furthermore, Silver also jumped 5%, reaching the $26 per ounce level for the first time after 7 years. 

Looking at the forex market, we can see the weakness of the US dollar across the board yesterday. The dollar index fell to a 2-year low as investors worry about the damage from the pandemic to the US economy, ahead of the latest outlook from the Federal Reserve. 

Moving to the equity markets, the Nasdaq Composite rose 1,7% yesterday, boosted by big gains in major technology names, ahead for a big week of corporate earnings, and the passage of a new fiscal rescue package. 

Asian markets were higher on Tuesday morning, following the overnight positive sentiment in Wall Street. Kospi and Hang Seng led the gains with 1% despite the recent escalation in US-China tensions. 

Crude oil prices edged higher this morning, gaining support from the expected 1 trillion dollars stimulus plan from the US Congress coupled with the weaker dollar.  

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