Gold at 20 year high, page-6

Gold Still Chasing Its 2011 Record With Fed Set to Meet

By

Sophie Caronello

27 July 2020, 2:30 am ACST

Spot gold heads into a busy week just shy of its 2011 record high, after posting a seventh consecutive weekly advance, the longest streak since the same year. Fueled by flaring U.S.-China tensions, mounting global growth concerns and the coronavirus pandemic, the metal seems poised for more gains as the Federal Open Market Committee begins its two-day meeting on Tuesday, with forecasts for no change to its benchmark rate. “When interest rates are zero or near zero, then gold is an attractive medium to have because you don’t have to worry about not getting interest on your gold and you see the gold price will rise as uncertainty in the markets are rising,” Mark Mobius, co-founder at Mobius Capital Partners, said in a Bloomberg Television interview.