GOLD BULLION headed for new record weekend finishes for Euro and UK investors on Friday, challenging 8-year highs in US Dollar terms as world stock markets rallied against new record lows in medium-term US interest rates.
With US Treasury bond prices rising yet again, yields fell to fresh all-time lows on 2-year and 5-year debt, offering new buyers just 0.13% and 0.28% in annual interest.
Crude oil meantime trimmed its overnight gains – made after new data said China’s energy demand rebounded in April, while a separte report said members of the Opec+ exporters’ cartel are slashing production faster than expected – but still hit 1-month highs for European benchmark Brent at $31.70 per barrel.
The UK gold price in Pounds per ounce today broke above £1435 per ounce, gaining some 23.3% for 2020 to date, while the Euro gold price tested its record high of late-April at €1611.
Gold priced in the US Dollar meantime touched $1742, just $5 below last month’s new 7.5-year peak, after President Trump said the US-China trade deal looks in jeopardy following Beijing’s failure to stem the outbreak of novel coronavirus back in January, saying that “The ink was barely dry [on the trade deal] and the plague came over.
“They should have never let this happen. Right now I don’t want to speak to [President Xi].”
Source BullionVault
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