• 3 days The New World Tax Order
  • 4 days Is Crypto Finally Ready To Pay The Piper?
  • 5 days Is It Time To Buy The Global Gaming Market Dip?
  • 8 days Even The Mafia Has A Millennial Problem
  • 10 days Zuckerberg Loses Billions in Social Media Outage
  • 11 days ‘Pandora Papers’ Leak Reveals More Financial Crime
  • 12 days US Retail Has A Major Supply Chain Problem
  • 15 days China Has Set Out To Crush Crypto...Again
  • 16 days Top Performing Cannabis Stocks of the Year
  • 17 days Millennials Could Power A 20-Year Bull Stock Market
  • 23 days The Million-Dollar Question: Will China Bail Out Evergrande?
  • 24 days 3 Restaurant Stocks In Full Recovery Mode
  • 24 days Bitcoin Is Driven By Testosterone
  • 29 days Quantum Computing Is The Newest Megatrend In Silicon Valley
  • 30 days How To Invest In The Cybersecurity Boom
  • 32 days Investors Are Patient With Unprofitable Giants
  • 34 days Wells Fargo Back In The Scandal Spotlight Once Again
  • 36 days 5 Stocks To Keep A Close Eye On This Year
  • 37 days As Auto Giants Flail, Look To Chip Stocks For Gains
  • 38 days Central America Is Ready For The Bitcoin Hustle
Gold Slips Following Stimulus Announcement

Gold Slips Following Stimulus Announcement

Gold prices retreated on Monday…

Could This Be The Most Exciting Lithium Play Of 2021?

Could This Be The Most Exciting Lithium Play Of 2021?

This Nobel Prize-winning breakthrough is…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Gold Prices Surge Above $1,800

Gold Prices

The rally in the gold price gained fresh momentum on Tuesday as investors piled into physically-backed gold ETFs to secure hard assets amid expectations of continued global ultra-low or negative interest rates and currency debasement.

Gold for delivery in August, the most active contract on the Comex market in New York with 19m ounces traded by lunchtime, touched a high of $1,810.80 an ounce, up 1% from yesterday’s settlement.

Gold is now up 19%, or $287 an ounce so far this year. The last time gold traded above $1,800 an ounce was September 2011, but it ended that year at $1,565 an ounce.

H1 INFLOWS ARE ALSO SIGNIFICANTLY HIGHER THAN THE MULTI-DECADE RECORD LEVEL OF CENTRAL BANK NET PURCHASES SEEN IN 2018 AND 2019

The World Gold Council reported Tuesday that gold-backed ETFs recorded their seventh consecutive month of positive flows, adding 104 tonnes in June – equivalent to $5.6 billion.

June’s net inflows took global holdings to new all-time highs of 3,621 tonnes after 734 tonnes – worth $39.5 billion – were added to vaults during the first six months of the year.

This year’s inflows compare to the previous record set in 2009 when 646 tonnes were added – for the entire calendar year. In terms of dollar value, first half inflows also dwarf the 2016 total of $23 billion, according to the WGC:

“To put this strength of demand into context, H1 inflows are also significantly higher than the multi-decade record level of central bank net purchases seen in 2018 and 2019, and could absorb a comparable amount of about 45% of global gold production in H1 2020.”

In June, global gold ETFs registered three consecutive days of outflows near the beginning of the month – the first consecutive daily declines since March – before regaining momentum.

All regions saw net inflows during the month, with North American funds accounting for the lion’s share, says the WGC.

Source: World Gold Council

Back to homepage

Leave a comment

Leave a comment