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Gold Prices Hit Record Highs

Some analysts say the $2,000 mark is within reach.

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Gold prices approached $2,000 an ounce this week in what CBS called “a sign that nervous investors were looking for safe havens” for their money.

August gold futures settled at $1,931 on Monday and $1,960.30 on Tuesday. Some analysts say the $2,000 mark is within reach.

“With concerns about further pandemic-related lockdowns, the U.S. dollar decline, real rates continuing to plummet, and rising U.S.-China tensions, it is the entire list of fundamental drivers to get us there getting delivered up in one package today,” Stephen Innes, AxiCorp.’s chief global markets strategist, wrote in a note to investors.

CBS News quoted Hans Gunther Ritter, head of trading for Heraeus Precious Metals, saying: “The current environment with U.S. dollar weakness, Covid-19 crisis and increased US-Sino tensions has the potential to move [gold] prices further up and to test the $2,000 mark.”

Still, on accounting for inflation, gold prices are not currently quite as high as they were in September 2011. To reach that point, they’d need to hit $2,135, CBS News explains.

Read more at CBS News

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