Stock futures in Europe and the US rose along with equities in Asia on signs of a thaw in US-China tensions, with investors also looking ahead to a policy speech by Federal Reserve Chair Jerome Powell later in the week.
South African gold miners are looking to cut debt and boost dividends as bullion hits record highs, with analysts and fund managers predicting a sectoral growth spurt over the next two years amid rising investor interest.
Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2,000 an ounce as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks.
Indians are returning to one of their oldest assets amid a raging pandemic that was preceded by a banking crisis. To say Indians love gold would be an understatement. Over centuries, households — as well as temples — have hoarded the precious metal.
Gold soared to a record high on Monday as investors rushed into the safe-haven commodity on concerns about heightened China-US tensions, a spike in virus infections and a lack of progress on a new stimulus bill in Washington.
It’s easy to forget now but there was a time early on in the pandemic when the price of gold was in freefall. It was a curious thing, what with the virus sparking a collapse in the global economy, and it would prove in time to be one of the great head-fakes in the recent history of financial markets.
Gold held steady on Friday en route to its best week in more than three months, driven by an escalation in US-China tensions, with investors also looking for a hedge against possible inflation as hopes for more stimulus measures grow.