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Commodity Trade Mantra: Part 2 – What’s Driving Gold Prices Higher & What Will Explode Them Further

Article By: CommodityTradeMantra

In our narrative on the reasons driving gold prices higher & also regarding the reasons which will explode these prices further upwards, we had posted Part 1 of this series yesterday. Here is the concluding part.

Gold prices have climbed to their highest levels in nearly nine years, with the precious metal seen as a ‘weapon of choice’ for gold investors dealing with pandemic-related uncertainty in the stock market, clearing the path to a fresh record in the second half of the year. The most-active August gold futures contract was up $13.20, or 0.7%, at $1,823.10 an ounce after tapping a high of $1,829.80. Futures prices haven’t traded or settled at levels this high since September 2011.

The settlement record for most-active gold futures stands at $1,891.90 from Aug. 22, 2011, based on records going back to November 1984, according to Dow Jones Market Data. The record intraday level was seen at $1,923.70 an ounce on Sept. 6, 2011. Gold prices breezed through the $1,800 level and “seems to have recovered its mojo,” said Ross Norman, chief executive officer of precious metals news and information provider Metals Daily. Bulls will also be “much encouraged that silver is performing at last.” To read this article in its entirety click here.

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