Gold futures rose sharply

31.07.2020 23:57
Gold futures rose sharply on Friday, after the first decline in 10 sessions on Thursday, as investors, fearing growing economic difficulties in the world, increased interest in "safe" assets.

December gold futures on Comex, which is now the most active contract, rose by $ 19.10, or 1%, to $ 1985.90 per Troy unit. During the week, the price increased by 4.7%, and in July-by 10.3%, which was the highest monthly price increase since February 2016.

August gold futures rose $ 19.10, or 1%, to $ 1985.90 per Troy ounce, after dropping $ 11.10 to $ 1942.30 on Thursday. On Wednesday, the price reached a record level after nine consecutive sessions of growth.

September silver futures rose 85.3 cents, or 3.7%, to $ 24.216 a Troy ounce, after dropping 4% on Thursday. On Monday, silver prices reached their highest level since 2013. For a week, the price decreased by 1.2%, and for a month it increased by about 30% (according to the nearest contact).

The rise in prices for precious metals comes despite divergent movements in the us stock market, where shares, however, mostly rose over the month and week.

"Investors clearly don't feel quite comfortable .. as shown by the growth of gold in recent times. The safe commodity asset is now very close to that. to reach the level of $ 2,000 per Troy ounce for the first time, reflecting market concerns despite the positive background on the surface, " notes Connor Campbell, analyst at

Although gold did not grow on this, on Thursday there were alarming data on a persistently high level of layoffs and a record drop in GDP in the second quarter of 32.9%. Spain, Italy and France also showed double-digit GDP declines in the second quarter on Friday.

Some analysts believe that gold may be entering a period of consolidation after a historic rise caused in part by the health crisis, along with a weakening us dollar, low government debt yields.

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