• 8 days Could Crypto Overtake Traditional Investment?
  • 13 days Americans Still Quitting Jobs At Record Pace
  • 15 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 18 days Is The Dollar Too Strong?
  • 18 days Big Tech Disappoints Investors on Earnings Calls
  • 19 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 21 days China Is Quietly Trying To Distance Itself From Russia
  • 21 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 25 days Crypto Investors Won Big In 2021
  • 25 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 26 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 28 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 29 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 32 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 33 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 33 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 35 days Are NFTs About To Take Over Gaming?
  • 36 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 39 days What’s Causing Inflation In The United States?
  • 40 days Intel Joins Russian Exodus as Chip Shortage Digs In
Is It Time To Pay Attention To Gold Miners?

Is It Time To Pay Attention To Gold Miners?

The invasion of Ukraine by…

Hawkish Fed Sends Gold Prices Crashing

Hawkish Fed Sends Gold Prices Crashing

The gold bulls are facing…

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