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Author: Tan KW   |   Latest post: Sat, 26 Sep 2020, 10:05 PM

 

Gold scales record peak as economic outlook stays gloomy

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GOLD surged to a record high on Thursday as the Covid-19 pandemic clouded the economic outlook and bolstered bullion’s safe-haven allure, though analysts said the rapid pace of gains could prompt some correction.
 
Spot gold hit an all-time high of US$2059.09 per ounce and was up 0.9% at US$2,057.00 at 1153 GMT. US gold futures rose 1% to US$2,069.
 
“It’s the best of all worlds for gold at the moment; we still have the coronavirus crisis in full swing mainly in the U.S. … We still have the question of whether the economy is going to recover or will slip back into recession,” said Julius Baer analyst Carsten Menke.
 
Gold’s gains came despite a slight uptick in the US dollar, which also benefitted from receding risk sentiment of the world’s largest economy, as Washington remained deadlocked over a large relief package.
 
Gold has rallied more than 35% this year as it’s considered an asset that should hold its value while the pandemic and money printing by central banks erode the value of others.
 
While the outlook for gold remains fundamentally positive, a correction is also increasingly likely, analysts said.
 
“The problem is that sometimes a story is so strong that a market rallies too quickly for fundamentals to justify, and when price momentum begins to slow, those who got in too late give up and sell out early. That can inspire a pretty rapid technical correction,” IG Markets analyst Kyle Rodda said.
 
Elsewhere, silver rose 4% to US$28.11 per ounce, having hit a more than seven-year peak of US$28.18.
 
Platinum rose 1.7% to US$983.27 per ounce and palladium was up 0.9% to US$2,201.69.
 
 - Reuters
 
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