Gold pushed towards the highest level since 2012, lifted by concerns over a second wave of coronavirus infections and growing uncertainty in Hong Kong after China released details of a proposed national security law.
Bullion was supported as cases across the US Sun Belt surged, while Germany’s infection rate rose, and Australia’s second-most populous state, Victoria, tightened controls following a spike in cases. Meanwhile, China confirmed the proposed national security law would allow Beijing to override Hong Kong’s legal system, likely adding to tensions with the US.
Gold is up 15 per cent this year, buoyed by unprecedented stimulus to aid the global economy hurt by the coronavirus-related lockdowns. The metal continues to garner positive commentary, with Goldman Sachs Group forecasting it will hit a record $2,000 an ounce, while JP Morgan Chase said investors should stick with bullion as it’s most leveraged to a low real-yield environment.
“Markets have been optimistic lately, looking through poor data and newsflow and betting on a strong recovery, but the one thing markets wouldn’t be able to ignore is economies stalling again and the threat there is a second round of lockdowns,” said Sean MacLean, research strategist at Pepperstone. “Then we have that proposed national security law, which is dangling bait for the Trump administration to bite at.”
Spot gold climbed as much as +0.9 per cent to $1,758.83 an ounce, and was at $1,756.30 at 07:12pm in the UAE. Prices touched $1,765.43 on May 18, the highest level since October 2012.
Total known holdings in bullion-backed exchange-traded funds rose by almost 30 tonnes on Friday, according to initial data compiled by Bloomberg. Of that inflow, 23.1 tonnes went into SPDR Gold Shares, the most in a year in tonnage terms.
In other precious metals, silver climbed 1.5 per cent, platinum gained 0.6 per cent, and palladium added 0.2 per cent.
MATCH INFO
Everton 0
Manchester City 2 (Laporte 45 2', Jesus 90 7')
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Naga
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