Gold Continues Rising After Topping $2,000 Mark

Thursday,   06-Aug-2020   08:52 AM (IST)

Gold was up on Thursday morning in Asia, continuing to rise after topping the $2,000 per ounce level earlier in the week and powered by ongoing weakness in the dollar as well as geopolitical concerns. Gold futures rose 0.14% to $2,040 by 10:16 PM ET (3:16 AM GMT). Supporting gold was another fall in the dollar. Economic and political uncertainty have also been supportive of gold. In the U.S. negotiations continue towards a new COVID-19 stimulus package. Congressional leaders and White House negotiators discussed a compromise framework on Wednesday for another round of aid that could include an additional $400-per-week unemployment payment. President Donald Trump said that if no significant progress is made by Friday, he is prepared to take executive action on those items. Meanwhile, Sino-U.S. relations continued to deteriorate, coaxing investors towards the safe-haven metal. Cui Tiankai, China's ambassador to the U.S., said yesterday that the countries’ relations are under “unprecedented strain” and that a U.S. move to send ships to the South China Sea “raises the risk of a conflict”.