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Gold hits record high as U.S. dollar drops to 2-year low

Xinhua News,CHICAGO
2020-07-28 02:47

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CHICAGO, July 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as the U.S. dollar index dropped to two-year low.

The most active gold contract for August delivery rose 33.5 U.S. dollars, or 1.77 percent, to close at 1,931 dollars per ounce.

Gold settled at the highest level on record as the U.S. dollar index dropped to its lowest in two years.

Concerns over the worsening of the COVID-19 pandemic in many U.S. states and the resulting negative economic effects continued on Monday, as the U.S. Congress seems to be far from reaching an agreement on differing proposals to address the COVID-19 problem, while key elements of the previous agreement are set to expire soon.

A report released by the U.S. Department of Commerce on Monday showed durable goods orders climbed by 7.3 percent in June, better than expected, as orders for new cars and trucks rose by 86 percent after touching bottom during the initial shutdown of the pandemic, capping the growth of gold somewhat.

Investors are also waiting for the monetary policy to be announced by the Federal Open Market Committee on Wednesday.

Silver for September delivery rose 1.651 dollars, or 7.23 percent, to close at 24.501 dollars per ounce. Platinum for October delivery climbed 10.6 dollars, or 1.11 percent, to close at 966.6 dollars per ounce.
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