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Gold Prices Are Close To The Historical Maximum

Gold Prices Are Close To The Historical Maximum

Gold prices continue to rise, while silver has taken a pause after a significant rise in recent times.

The growth of quotations for gold contracts continues for the fifth day in a row, as a result of which they are close to the historical maximum. On Thursday, the precious metal for August delivery on the Comex exchange rose 1.3% to $ 1,889. 4 per ounce.

The historical record at the end of trading was recorded on August 22, 2011, and was $1891.9 per ounce, according to Dow Jones Market Data. The intraday maximum price was reached on September 6, 2011 - $1923.7 per ounce.

One of the reasons for the increase in demand for the precious metal is the tension in relations between Washington and Beijing, as well as the weakening of the US dollar. In addition, the COVID-19 pandemic creates high uncertainty in forecasts for the global economy, writes MarketWatch.

Meanwhile, silver prices moved lower after the results of trading on Wednesday, July 22, jumped by 7.4% and reached the highest level since September 2013 - $23,144 per ounce. During trading on Thursday, the September futures quotes are slightly below this level.

October platinum contracts on Comex are up 1.2% (to $969.1 per ounce), while September palladium contracts are down less than 0.1% (to $2227.6 per ounce).