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Gold futures hit the highest closing price in nearly 9 years. Silver hit a six-year high.
Jul 22,2020 07:00CST
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SMM: in the early morning of the 22nd, gold futures prices closed at the highest level in nearly nine years on Tuesday, while silver closed at the highest closing price since 2014. Precious metals prices have been boosted by a fiscal stimulus deal in the EU and a new round of spending plans being contemplated in the US.

EU leaders have formed a 1.8 trillion euro ($2.1 trillion) budget and rescue fund package to help countries hardest hit by the coronavirus epidemic after four days of painstaking negotiations.

The weakness of the dollar also boosted the price of gold. When the gold futures market closed on Tuesday, the ICE dollar index, (DXY), fell nearly 0.8% to 95.10, its lowest level since March.

Analysts at Zaner Metals said in a research report: "it is clear that the adoption of the EU recovery fund and the ongoing round of stimulus package negotiations in the United States have given strong support to the bulls. The fall of the dollar index below the previous low of March 10 provides more upward momentum. "

Gold futures for August delivery on the New York Mercantile Exchange rose $26.50, or 1.5%, to close at $1843.90 an ounce, rising as high as $1844.80. According to Dow Jones (26840.4004159.53,0.60%) market data, $1843.90 per ounce is the highest closing price of gold futures since September 2011.

September silver futures rose $1.37, or 6.8 per cent, to close at $21.557 an ounce, the highest closing price since March 2014. It rose as high as $21.63 in intraday trading.

Compared with the lowest point in 2020, silver futures prices have rebounded by more than 80%.

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