Gold price closes at a new all-time record high - now within striking distance of $2000

New York (Aug 1)  Gold has risen ten out of the last eleven trading days. This week alone gold has traded to a new all-time record high on four of the five trading days. Most impressive was the closing price of gold futures today. The most active December 2020 Comex gold futures contract gained $27.20 and settled at a new all-time record high of $1994.00, this accomplishment occurred as gold’s intraday high was the highest ever recorded at $2005.40 per ounce.

As the last trading day of the month comes to a close, traders and market participants witnessed one of the strongest rallies in history with gold gaining approximately 10% this month. Undoubtedly this is one of the best monthly performance’s gold has produced, and now the precious yellow metal is within striking distance of the elusive number; $2000 per ounce.

In fact, today’s dramatic gains occurred in spite of U.S. dollar strength. The U.S. dollar has been in a freefall since the middle of March when the dollar index was trading at 103. The virtual meltdown of the U.S. dollar has devalued the currency by 10% in the last 4 ½ months.

Spot gold gained $18.90 in trading today closing at $1976.10. According to the KGX (Kitco Gold Index) traders and investors bought gold at such a fevered pace today that without dollar strength the net change on the day would have been $28.10 rather than $0.10 shy of $19.00. Dollar strength accounted for a negative gain of $9.20 today.

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