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Gold up with $2,000/oz in the frame

The spot gold price has surged to a record high and was worth US$1,963.10 an ounce at the time of writing, about $42/oz above its 2011 high.
Gold up with $2,000/oz in the frame Gold up with $2,000/oz in the frame Gold up with $2,000/oz in the frame Gold up with $2,000/oz in the frame Gold up with $2,000/oz in the frame

A Newmont gold pour

Staff reporter

"Precious metals have extended gains with gold reaching record highs and looking set to test the $2,000 mark," Marex Spectron's Alastair Munro said from the LME desk.

"The surge continues for gold, with no sign that it will run out of steam any time soon," IG chief market analyst Chris Beauchamp said yesterday.

"It makes sense to expect further gains, especially since the intraday charts provide no sense that a reversal is at hand."

Silver also extended its gains, to $24.96/oz on the spot market, as geopolitical tensions between the US and China simmer and economic concerns stemming from COVID-19 continue, as do the prospect of low interest rates, with the US Federal Reserve's FOMC meeting this week.

Precious metals producer Fresnillo was the top market riser in London, closing up 7.13%.

Newmont hit a one-year high intraday of $70.30 in New York before closing up 3.4%.

A raft of precious metals producers hit 52-week highs yesterday in Toronto, including Barrick Gold which closed up 4.7%.

Mexico-focused Torex Gold Resources (TSX: TXG) rose 9.8%, while explorer Midas Gold (TSX: MAX) gained 20% and St Augustine Gold and Copper (TSX: SAU) rose 31.2%.

Finally on the TSX Venture Exchange, Shine Minerals (TSXV: SMR) shot up 108%. Its last update was 20 days ago when it reported intercepting 6m at 11.44% zinc and lead and 15.76g/t gold among the results from its first drill programme at Watts Lake in Saskatchewan.