SMM7 March 27 News: the recent surge in precious metal futures, gold, silver pull up one after another. Gold futures hit another record high today as the dollar fell and global economic concerns boosted safe-haven demand, with the most active gold futures COMEX December contract hitting an all-time high of $1942.8 an ounce.
The current round of precious metals rally is fuelled by concerns about safe-haven demand: recent geopolitical tensions have intensified market caution, and real-time statistics from the Worldometer website show that as of around 6: 00 on July 27th in Beijing, there were a total of 16380401 confirmed cases of COVID-19 worldwide and more than 10,000 confirmed cases in 79 countries. The global epidemic is hardly optimistic.
On the other hand, the dollar index fell to its lowest level in more than six months after a large amount of liquidity from central banks such as the United States and Europe led to negative real interest rates in the United States and the market bet that the Federal Reserve would keep policy loose when it met this week. Gold prices have also been supported by factors such as a weaker dollar and rising inflation expectations.
Data show that inflows into gold exchange-traded funds this year have exceeded the record set in 2009, with total positions exceeding 3300 tons, an all-time high.
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