Gold bugs, today is your day:
Gold futures powered higher Tuesday, gathering momentum late in the session to finish at a fresh record as government bond yields headed lower and as the U.S. dollar’s recent rebound receded somewhat, allowing the precious metal to make an assault on a record close above the $2,000 threshold.
“When you’re looking at what [DXY, 10 year real yields] levels we would need to see gold at $2500 per ounce, it is combinations like the DXY at 90 and real rates at minus 2,” said Michael Widmer, metals strategist in comments included in an Aug. 3 research note, citing a July 30 call with clients featuring Widmer and commodity research analyst Francisco Blanch.
On Tuesday, December gold GCZ20, +2.55% GC00, +2.55% rose $34.70, or 1.7%, at $2,021 an ounce, after notching a less-than 0.1% gain on Monday and starting out with meager gains on Tuesday.
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