- Gold has pushed over 1% higher to break the psychological $2K level.
- Ever since the all-time high was broken on 27th July it seemed like it was only a matter of time.
Gold breaks USD 2000 per troy ounce
Ever since the central banks turned on the printers gold has been on a massive bull run. The yellow metal also received a boost due to its safe-haven status and this has been evident during the COVID-19 pandemic. It is not only the central banks that have been supporting the markets as governments have conducted fiscal stimulus programs too. It all started after the last financial crisis in 2008-9. Ever since the equities markets pushed higher as the market was flushed with liquidity and during the coronavirus pandemic they have done the same.
Central banks like China and Russia are also replenishing their gold reserves. China's gold reserves stood at 62.64 million ounces at the end of May, central bank data showed Sunday. This is according to reports from 7th June. The total value of the gold reserves reached around USD 108.29 billion U.S. up from USD 106.67 billion in May month ago. It seems that every month there is an increase.
There could be more if this to come in the future especially if there is another round of QE from the US Federal Reserve and other major central banks, This week we will also get the latest from the Bank of England and although they are not set to make any policy changes this time round they may signal some intent to act in the future.
Gold monthly chart
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Additional levels
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