Commodities

Gold near record highs as dollar declines

2020-08-06 08:11:32 GMT (Economies.com)

Gold prices rose in European trade for the third straight session above the historic barrier of $2,000 and nearing record highs. 

 

Gold rose 0.8% to $2,053.97 an ounce, after closing up 0.9% yesterday, marking record highs at $2,055. 

 

The dollar index fell 0.2% on Thursday, the third decline in a row and hitting 27-month lows at 92.52. 

 

Disappointing US jobs data damaged dollar and hurt prospects of US economy. 

 

Dollar is also hurt by mounting Democratic-Republican political tensions on the financial rescue package against the virus. 

 

Gold holdings at the SPDR Gold Trust rose 10.23 metric tonnes yesterday, the third increase in a row, to a total of 1,267 tonnes, the highest since February 2013. 

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