• 1 day Under COVID, The Rich Got Richer
  • 2 days Will Biden Lift Sanctions On Venezuela?
  • 3 days How To Play The Next Stage Of The Marijuana Boom
  • 3 days India Looks To Import More Venezuelan Oil Under Biden
  • 3 days 3 Unstoppable Stocks With A Biden Boost
  • 4 days The Biggest Biotech Story Of 2021?
  • 4 days Biden Looks To Rejoin Paris Climate Agreement
  • 5 days Capital One Fined Again For Money-Laundering Failure
  • 5 days The Star-Studded Fund Backing Clean Energy Startups
  • 6 days The Unexpected Retail Segment On Track To Hit $68B
  • 8 days Oil Demand Falters On New Wave Of Lockdowns
  • 9 days Signal, Telegram Gain Ground As Social Censorship Breaks Headlines
  • 10 days Investors Should Be Worried About Tech Stocks
  • 12 days Battle For Market Share Intensifies In COVID Streaming War
  • 14 days Censorship Is Now Private, And That’s Scary
  • 16 days Markets Hit ‘Ignore’ Over Capitol Coup
  • 18 days Tesla’s China Strategy Is Yet Another ReasonTo Double Down
  • 19 days NYSE Reverses China Company Delisting Plans … For Now
  • 21 days The Dollar Could Remain Weak For Years To Come
  • 24 days The Simple Secret To Tesla-Like Gains
Gold Stocks Gear Up For A Big Autumn

Gold Stocks Gear Up For A Big Autumn

The gold miners’ stocks have…

Gold Rally Set To Continue Despite Election Drama

Gold Rally Set To Continue Despite Election Drama

Gold prices have soared this…

Gold Inches Closer To $2,000

Gold Inches Closer To $2,000

Gold prices advanced higher on…

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 Up As U.S. Civil Unrest Escalates

Gold Prices

Gold price climbed to more than a one-week high on Monday as protests continued across major US cities over the weekend, adding another layer of economic uncertainty to the potential impact of the strained US-China relations and further boosting demand for save-haven assets.

Spot gold was up 0.4% to $1,736.45 per ounce by 11:35 a.m. EST. Gold futures for July delivery also saw a slight increase of 0.2% to $1,742.90.

Bullion has gradually creeped back towards its previous seven-year high as rising economic and political uncertainties continue to overshadow optimism of a quick recovery from the covid-19 crisis.

“Concerns about the unrest in the US at the moment appear to be weighing on market sentiment,” Michael McCarthy, chief strategist at CMC Markets, told Reutersadding that rising tensions between the world’s top two economies further supported gold.

Animosity continued between the two nations on Sunday when Chinese state media blasted the US for interfering with Hong Kong’s affairs and attacking China’s domestic politics.

Beijing also criticized President Donald Trump for his response to the ongoing civil unrest across the US, as well as the decision to sever ties with the World Health Organization. Related: Has Re-Opening The Economy Been Successful?

“Higher tensions between China and the US are bringing safe-haven buying. Tensions within the US are not helping the cause, while the dollar is pretty much on its lows,” Afshin Nabavi, senior vice president at precious metals trader MKS SA, told CNBC.

On Friday, holdings of SPDR Gold Trust — the world’s largest gold-backed exchange-traded fund — rose 0.3% to 1,123.14 tonnes, a new seven-year high.

Elsewhere, silver rose 2.4% to $18.30 per ounce, its highest since February. Palladium and platinum also gained 1.0% and 1.8% respectively.

By Mining.com 

More Top Reads From Safehaven.com

Back to homepage

Leave a comment

Leave a comment