Gold gains renew hopes for $2,000 benchmark despite August’s record slump
Gold prices rose slightly on Monday, renewing hopes that the yellow metal could return to its $2,000 perch despite a string of losses in August.
Gold futures for December delivery on Comex last traded at $1,978.60 per ounce, rising by $3.70 (0.2%) and reaching a session high of $1,985.30 an ounce. However, the gains made were still inefficient to wipe away August’s losses, when the safe-haven asset loss nearly 0.4% of its net holdings as it plunged from a record $2,089 high to a $1,874 low.
The spot price of gold traded at $1,968 per ounce, gaining $3.98 (0.2%) at 2:20 PM ET (18:20 GMT) with a session high of $1,976.49. Technical data show that a steady price above $1,970 will be essential for spot gold to continue its climb.
The gains in gold come amid a weakening Dollar and a slump in U.S. bond yields. The Dollar Index fell below its benchmark 93-point handle, while the 10-Year Treasury note fell more than 4% on Monday.