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The futures rose by more than 1% due to the depreciation of the US dollar and the expectation of more stimulus measures.
Jul 24,2020 09:01CST
Source:Dow Jones
The content below was translated by Tencent automatically for reference.

SMM: COMEX gold futures jumped more than 1% on Thursday, hitting just below $1900 an ounce, boosted by a weaker dollar and hopes of more stimulus measures to revive the economy hit by the epidemic, while the increase in initial jobless claims in the United States last week raised investors' concerns about a slowdown in the economic recovery.

Comex August gold futures rose $24.90, or 1.3 percent, to settle at $1890 an ounce at 13:30 New York time.

"the macro environment continues to be positive for gold, with the dollar index weakening to a two-year low and real yields falling further in negative territory," said SukiCooper, an analyst at Standard Chartered Bank.

The dollar fell 0.3%, hitting a nearly two-year low earlier in the day, making gold less expensive for investors holding other currencies.

Gold has surged 24% this year, supported by low interest rates and extensive stimulus measures from major central banks.

Senate Republicans plan to propose another direct cash release to the American people in the next aid bill, a senior White House aide said on Thursday.

Initial claims for unemployment benefits in the US rose unexpectedly last week for the first time in nearly four months, indicating that the labour market has stalled amid a rebound in new cases and sluggish demand.

According to statistics, the cumulative number of confirmed cases of new crown pneumonia in the United States exceeded 4 million on Thursday, with an average of more than 2600 new cases per hour, the highest in the world.

UBS said in a report that the market tightening in the second half of 2020 should support palladium prices over the next 12 months, supported by monetary and fiscal stimulus measures.

UBS added that palladium prices were expected to reach $2500 an ounce by mid-2021.

UBS also raised its forecast for gold prices at the end of September and December to $2000 from $1900 an ounce.

Freeport McMoran (FreeportMcMoRan) reported on Thursday that it made a profit in the second quarter, helped by falling costs. The company's gold production rose 19% to 191000 ounces in the second quarter.

For other precious metals, September silver futures fell 15.6 cents to settle at $22.988 an ounce.

Platinum futures rose $6.40 in October to settle at $963.8 an ounce.

September palladium futures rose $10. 80 to settle at $2239.80 an ounce.

In addition, COMEX9 copper for monthly delivery closed up 1.40 cents at $2.9385 a pound.

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