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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

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.

Novagold sues J Capital Research for defamation

Novagold (NYSE, TSX: NG) announced on Tuesday that it had served short-seller J Capital Research USA (JCAP) with a civil action lawsuit for defamation in the United States District Court for the Eastern District of New York.

Novagold and Barrick have reopened the Donlin camp last month following a two-month due to the covid-19 pandemic

The company alleged that on May 28, JCAP issued a “report” on Novagold that contained false and misleading statements as part of what the company believes to be a “short and distort” attack.

Gold price nears $1,800 on ETF frenzy

The rally in the gold price gained fresh momentum on Tuesday as investors piled into physically-backed gold ETFs to secure hard assets amid expectations of continued global ultra-low or negative interest rates and currency debasement.

Gold for delivery in August, the most active contract on the Comex market in New York, touched a high of $1,786.10 an ounce, the highest since October 2012 and up 17% so far this year.

The last time gold traded above $1,800 an ounce was September 2011, but it ended that year at $1,565 an ounce.

DRC’s gold worth billions being smuggled out, says UN

At least 1.1 kilograms of gold mined in the Democratic Republic of Congo were smuggled last year into countries along the eastern border, costing the impoverished nations millions of dollars in tax revenue and funding conflict and criminal networks, a United Nations Group of Experts report shows.

The DRC government could have earned up to $1.9 million in taxes if last year’s smuggled gold had been exported legally.

Congo’s official exports of gold extracted by artisanal miners bear almost no relation to reality, the report says, singling out Uganda, Burundi, Rwanda, the United Arab Emirates and Tanzania as some of the most common destinations for the precious metal.

Gold price back above $1,700 before Fed meetings

Gold price continued to climb on Tuesday, surpassing $1,700 an ounce once again, as investors grow hopeful of further monetary policy action from the US Federal Reserve this week.

Spot gold climbed 1.0% to $1,716.73 per ounce by 11:00 a.m. EST, while US gold futures gained 1.2% to $1,719.20 per ounce in New York.

Meanwhile, momentum stalled in risk assets on Tuesday with both European stocks and US futures dropping, while the US dollar strengthened for the first time in nine sessions ahead of the Fed’s two-day gathering.

PNG threatens Barrick over alleged gold export attempt

Papua New Guinea (PNG) has threatened Barrick Gold with criminal proceedings against it, claiming the company’s joint venture in the country was planning to illegally export $13 million in silver and gold to Australia.

The country’s mining regulator said that Barrick Niugini Limited (BNL) asked earlier this week for clearance to ship precious metals to the Perth Mint.

The move, the Mineral Resources Authority (MRA) said, is considered illegal given that BNL is not allowed to process or ship gold since the government’s refused to extend its mining lease for the Porgera mine almost two months ago.

Bidding war for Guyana Goldfields heats up

Takeover target Guyana Goldfields (TSX:GUY) said it has received a proposal from a “foreign-based multinational miner” valuing the company at C$323 million ($240m), which it’s 35% higher than what Silvercorp Metals’ offer.

The Canadian firm was first approached by Silvercorp (TSX, NYSE: SVM) in April, which put forward a C$105 million (C$75m) cash and stock deal. The transaction would create a diversified precious metals producer with two silver mines in China and a gold operation in Guyana.

Gold price edges higher as US civil unrest persists

Gold price climbed to more than a one-week high on Monday as protests continued across major US cities over the weekend, adding another layer of economic uncertainty to the potential impact of the strained US-China relations and further boosting demand for save-haven assets.

Spot gold was up 0.4% to $1,736.45 per ounce by 11:35 a.m. EST. Gold futures for July delivery also saw a slight increase of 0.2% to $1,742.90.

Bullion has gradually creeped back towards its previous seven-year high as rising economic and political uncertainties continue to overshadow optimism of a quick recovery from the covid-19 crisis.

Gold price falls to two-week low

Gold extended its decline on Wednesday as growing hopes of a short-term economic recovery continue to take the momentum from safe-haven investments.

Earlier in the day, spot gold slipped 1% and fell below $1,700 to a two-week low of $1,693.90. By noon ET, it was down 0.6% at $1,701.31 per ounce. Gold futures for June delivery also dropped by 0.6% to $1,695.60.

Meanwhile, equities continued to rally despite growing political tensions between China and the US, which normally would lessen the appeal of riskier assets to investors and support bullion prices.