Precious metals continue to surge

7:14 AM 22 July 2020

During the Asian session, gold rose to as high as $1,866 an ounce, a level not seen since 2011, as recent agreement among EU leaders on a massive coronavirus recovery package put pressure on the US dollar. Gold prices increased over 25% from March’s lows. Meantime silver managed to break above the $22 for the first time since October of 2013. Ultra-low interest rates and unprecedented fiscal stimulus from governments and central banks around the world together with inflation concerns lifted the price of precious metals.

Gold prices are getting closer to their record high of $1,920 an ounce in September of 2011. Source: xStation5

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Silver futures have been tracking gold prices as demand for safe-haven assets increased amid expectations for increased stimulus and concerns of inflation. Should upbeat moods prevail, resistance at $25/oz may come into play. Source: xStation5

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