Gold Surges To New Record Highs in Euros at €1,581/oz and $1,726/oz in Dollars

◆ Gold prices rose to a more than seven-year high in dollars today at $1,726/oz (see chart below) as mounting fears of a steeper global economic downturn due to draconian government lock downs increase and highlight gold bullion’s safe haven qualities.

◆ Gold surged to €1,581/oz (see chart above) as the single currency came under selling pressure as concerns deepen about Italy and other periphery nation’s banks and economies and due to increased risks to the euro and the monetary union.◆ Gold surged to £1,375 per ounce and is testing gold’s record high in sterling which is £1,381.75/oz as the beleaguered pound also came under selling pressure due to concerns about the UK economy.

Gold in Euros – 3 Days

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◆ Gold reached year highs in dollars and gold prices are up over 14% in euro terms so far in 2020, building on the 22.7% gains in euros seen in 2019 (see table below).

◆ Strong safe haven demand continues due to concerns about the outlook for the UK, EU and global economy, the unprecedented monetary response of the ECB, the BoE and the other central banks and growing concerns that digital currencies will be devalued in the coming months and years.

◆ Gold is now the top performing asset in 2020 year to date, having risen 16% in dollar terms, 19% in euro terms, 21.7% in pounds and by more in other fiat currencies as the virus tips debt laden economies into financial and economic crises

Gold in USD – 3 Days

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