Can gold prices hold above $1,900? [Video]

Gold prices surged within striking distance of $2,000 for the first time ever in history – reaching a new all-time record high of $1,980 an ounce on Tuesday.

Gold is now up more than 30%, so far this year, making it one of the best-performing asset-class of 2020.

The biggest market-moving event, that traders will be closely monitoring this week – is the outcome of the Federal Reserve's two-day policy meeting, which is due to end on Wednesday, 29 July.

While the Fed is unlikely to make any significant changes to their current “QE to infinity” monetary policy – they always have the potential to surprise the market.

From December 2008 to June 2011, the Fed bought $2.3 trillion of debt and held borrowing costs near zero percent in a bid to shore up growth, helping catapult gold to a record high in September 2011.

As we head into August, the price action across the precious metals complex continues to resemble the trend last seen during the Global Finance Crisis.

On top of historic low rates, central banks and governments have passed trillions in stimulus packages to curb the economic toll of the pandemic. If these measures continue, then the stage is almost certainty set for gold prices to soar further and reach new record highs in the months ahead.

Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions: