Gold Wins Over New Buyers From Pension Funds to Private Wealth

Gold’s surge to an all-time high is winning over a wider fan base of pension funds, insurance companies and private wealth specialists.

Managers who run long-term portfolios worth trillions of dollars are taking interest in gold as they search for returns in a yield-starved investing landscape. The broader array of buyers is one of the key dynamics behind the rally to $2,000 an ounce, even as gold’s traditional customers in India and China remain on the sidelines.

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Nervous investors send gold higher

Gold rose again overnight, even as some long-awaited profit-taking in silver finally appeared. Gold rose to USD1898.00 an ounce in intra-day trading, before fading. It still managed to record an impressive 0.85% gain, closing at USD1887.50 an ounce.

With the US/China noise reaching deafening levels, gold has rediscovered its safe-haven appeal ahead of the weekend. Lower US yields and a weaker US dollar are also supporting prices at these levels. A break of the overnight highs should set gold up for a rapid move to the all-time highs at USD1920.00 an ounce. We would expect some heavy two-way traffic ahead of that level, however, should it break, gold may finish the week scurrying higher

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Oil prices turn negative on U.S.-China tensions, corona cases

Oil prices slipped on Friday, shrugging off a weaker U.S. dollar, as tensions between the United States and China rose against a backdrop of rising coronavirus cases.

Brent crude (LCOc1) fell 25 cents to $43.06 a barrel by 0713 GMT, and U.S. West Texas Intermediate (WTI) crude (CLc1) eased 28 cents to $40.79.

China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a U.S. demand this week that China close its Houston consulate, as relations between the world’s two largest economies deteriorate.

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Gold Up Over Prospective U.S. and EU Stimulus Measures

 Gold was up on Tuesday morning in Asia, boosted by the prospect of more stimulus packages from both the U.S. and Europe.

Debate over a further round of economic stimulus measures is currently underway in the U.S. Congress, with some earlier measures expiring at the end of July. Across the pond, European Union ministers finally reached agreement on a EUR750 billion ($857.979 billion) stimulus plan earlier in the day at the EU Summit.

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Oil falls on worries over fuel demand setback as infections rise

Oil prices dropped on Monday, amid concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world.

Brent crude (LCOc1) was down 36 cents, or 0.8%, at $42.78 a barrel by 0653 GMT, after dropping slightly last week. U.S. oil was off by 34 cents, or 0.8%, at $40.25 a barrel, after gaining 4 cents last week.

More than 14.5 million people have been infected by the novel coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters tally.

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Oil prices ease after OPEC+ agrees to taper oil supply curbs

Oil prices eased on Thursday after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a big drawdown from the country’s crude stocks.

Brent crude (LCOc1) fell 33 cents, or 0.8%, to $43.46 a barrel by 0646 GMT, and U.S. West Texas Intermediate (WTI) crude (CLc1) dropped 42 cents, or 1.0%, to $40.78 a barrel. Prices rose 2% the previous day, helped by the U.S. crude inventories drop.

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