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Gold price rally reaches new high

Gold advanced to a fresh record high on Wednesday – pushing towards the $2,050/oz mark after breaking through $2,000/oz on Tuesday on the back of a weakening dollar, falling US Treasury yields and expectations of more stimulus measures for the pandemic-ravaged global economy.

Spot gold rose 1.3% to $2,045.32/oz as of 11:20 a.m. EDT, after reaching an intraday high of $2,055.48/oz earlier in the session. Gold futures were up 1.4% to $2,049.50/oz

Why Gold $3000 Is Next: Bank Of America’s Full ‘Must Read’ Client Call Transcript

With gold soaring above $2000 (for the December future) to a new all time high…

… now is an opportune time to revisit a conference call held by Bank of America’s commodities team (which as a reminder is the most bullish on gold, expecting the yellow metal to hit $3,000 in 18 months) in which the bank discussed its outlook for gold and other precious metals in the context of global asset allocation (Michael Hartnett), interest rates (Mark Cabana), and technicals (Paul Ciana).

Gold price set for best month in eight years

Gold prices edged higher on Friday as the worsening covid-19 pandemic continues to stifle the global economy.

Spot gold rose 11% for the month of July, heading for its biggest monthly gain in over eight years, driven by a declining US dollar and real yields. By 11:15 a.m. EDT, the spot price was up 1.0% to $1,974.40 per ounce, near an all-time high.

Concerns have also been raised about the dollar’s status as the world’s reserve currency of choice as it gets closer to its biggest monthly drop in almost a decade.

Newmont tops profit estimates on gold price surge

Newmont (NYSE: NEM, TSX: NGT) said on Wednesday that higher gold prices helped generate significant free cash flow in the second quarter.

The world’s largest gold miner’s adjusted net income for the June quarter was $261-million, or $0.32 per diluted share, compared with $92-million, or $0.12 per diluted share, in the prior-year quarter. The results topped analysts’ estimates of $0.31 per share.

Newmont reported $984 million in adjusted EBITDA and $388 million in free cash flow.