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Weekly Comic: Gold, Silver Surge To Highest In Years Amid Flood Of Stimulus

Published 25/07/2020, 14:02
Updated 25/07/2020, 14:04

By Jesse Cohen

Investing.com - Gold prices scored their best weekly gain in three months, with prices of the yellow metal breaking above the $1,900-mark for the first time since September 2011 on Friday.

Gold futures for August ended up $7.50, or 0.4%, at $1,897.50 per ounce on New York’s Comex.

It earlier rose to a session high of $1,904.60, its strongest level in nine years, when gold hit a record high of $1,923.70 on September 6, 2011.

For the week, gold rose nearly 5%, rallying for a seventh straight week and posting its biggest weekly advance since the start of April.

At current levels, gold is closing in on its 2011 all-time high.

Many expect the precious metal to continue its surge towards the never-before-seen-level of $2,000 an ounce in the coming weeks.

Gold has surged 24% this year, boosted by low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.

Silver, meanwhile, settled 0.6% lower on Friday at $22.85 per ounce.

Like gold, it too rallied to its best level in years, hitting its highest since September 2013 at $23.64 on Wednesday.

Silver jumped over 15% for the week, its best since 2008, bolstered by hopes for a revival in industrial activity.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

Latest comments

When will Gold prices come down?
If we don't break over the all time high in 2011. The correction will be significant...easily 100+ will be shed. Just look at the last major correction. Although long term is uptrend. Don't chase parabolic movement and get back in when there is value.
2000 on the track
you are wrong if you hope for eternal growth. wake up!
hi
thank you for the analysis. can we have more technical analysis accompanied with the fundamental trend?
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