GOLD FUTURES PRICE RISE MIDDAY Monday August 21
GOLD FUTURES PRICE increased 5.95 USD/t oz. or 0.46% to 1,292.65 on Monday August 21 from 1,284.10 in the previous trading session. Historically, Gold reached an all time high of 1898.25 in September of 2011 and a record low of 34.83 in January of 1970.
Gold prices climbed toward $1,300 level on Monday, boosted by a flight to perceived safer assets as the war of words between the U.S. and North Korea returned to the fore.
Gold for December delivery GCZ7, +0.34% added $6.30, or 0.5%, to $1,297.90 an ounce after tapping a high of $1,299.70. The contract briefly jumped above $1,300 in Friday’s session, as a terrorist attack in Barcelona, Spain, and concerns about President Donald Trump’s pro-business agenda helped to spark a rush to haven assets, but prices pulled back that day to post a modest loss.
GOLD FUTURES PRICE
“Demand for gold is likely to remain high nonetheless, as the U.S. and South Korea began a joint military exercise earlier today. This could rekindle the conflict between the U.S. and North Korea, which had taken something of a back seat again recently,” analysts at Commerzbank said in a note.
Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.”
“Generally speaking, however, the rise in the gold price remains speculatively driven,” the Commerzbank analysts added.