Gold dipped below $1,800 today as rising equities put pressure on precious metals. Stocks began the day in the red but turned positive in the late morning on positive corona virus treatments news. The Dow is currently up 200 points, looking to break a 2-day losing streak, while the S&P 500 is up 0.35% and the Nasdaq is flat.
Gold and silver jumped today as COVID uncertainty, seemingly, unending central bank intervention, and worsening trade relations between the US and China, are boosting precious metals’ appeal among investors. Gold is trading at $1,817, its highest level since 2011 and securely above the $1,800 threshold that seemed to be holding it back last week. Silver is trading at its highest level since late 2016. US stocks are still up modestly, even with today’s spike in metals.
Stocks rose sharply today after June’s ISM non-manufacturing index jumped from 45.4% in May to 57.1%—its biggest increase on record. The Dow and S&P are up about 1.4% each, while the Nasdaq rose 2.2% to a new intra-day record. Equities were up in Europe and China too, as economic optimism and ongoing central bank stimulus aid continues to offset pandemic fears, even as case numbers continue to rise. Gold is currently trading at $1,785, holding strong as COVID uncertainty continues to boost its haven appeal.
Stocks are up slightly to begin Q3 after having their best quarter in decades amid ongoing pandemic recovery. The Dow, Nasdaq, and S&P 500 rose 17.8%, 30.6%. and 21.6% respectively between April and July after crashing in late March. Gold is down about 1.2% after reaching its highest level in nearly 9 years yesterday, just under $1,800/oz. Today’s ADP employment report showed 2.37 million private-sector jobs were added in May, falling short of the 3.5 million expectation.
Stocks begin the week strong with the Dow up over 500 points on Monday and the Nasdaq and S&P 500 each up over 1%. The rise comes after pending home sales surged 44.3% in May, its largest increase since the data began being tracked in 2001. Metals are relatively unchanged, with gold and silver trading at $1,775 and $17.95 respectively. Metals are gaining some safe haven appeal as COVID concerns continue to linger with the three largest US states, California, Texas, and Florida all re-implementing increased restrictions, as cases continue to spike.
Gold and silver are up $11.00 and $0.10 respectively, trading at $1,773.10 and $17.99. Stocks are down across the board. Big banks are leading equities lower after the Fed announced it would cap their dividends and limit buybacks for financial institutions after a stress test showed several vulnerabilities in the current market environment. Stocks and metals have moved in unison for most of this pandemic but today’s departure from that trend suggests that metals are returning to their traditional role as a hedge against uncertain market conditions.
Stocks are down across the board as corona virus cases continue to rise and more states are seeing record spikes; 34,700 new cases were reported yesterday nationwide, the third highest daily total since this pandemic began. The IMF cut its global growth forecast today, predicting the global economy will shrink by 4.9%. Gold and silver are down 0.4% and 2.3% respectively.
Gold is trading at $1,757, its highest price in over a month, as 29 states are now reporting spikes in cases, fueling concerns about the economic impact of a second wave. Equities were mixed most of the morning as investors weighed the significance of increasing case numbers but have since turned modestly green with the Dow up 100 points and the S&P 500 and Nasdaq up 0.56% and 0.89% respectively.
Gold is trading at $1,745, its highest price in 3 weeks as more states are seeing spikes in corona virus cases since reopening. Stocks began the day up, looking to snap a two-day losing streak, but have since turned negative after Apple announced it would close some stores in 4 states in response to rising COVID cases. Gold and silver are up $22.00 and $0.32 respectively, set to end the week up over 1% each.
Stocks closed lower today, to snap a 3-day winning streak as several states are seeing upticks in corona virus cases since reopening. Twenty-one states have seen increases, and 10 of those are experiencing their highest levels since the pandemic began, sparking concerns of the economic impact of a second wave. Gold is holding strong amid the economic uncertainty, currently trading at $1,731.