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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136

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Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.

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Gold scales 1-month peak on Powell's dovish comments

Monday, July 19, 2021

Inflation Is Here - Here's How to Respond

Gold last traded at $1,812 an ounce. Silver at $25.65 an ounce.

NEWS SUMMARY: Precious metal prices eased slightly Monday on rising market volatility and a firmer dollar. U.S. stocks fell sharply on concern a rebound in Covid-19 cases would slow global economic growth.

CNBC--"Gold hit a one-month peak on Thursday, spurred by U.S. Federal Reserve Chair Jerome Powell's dovish comments and some concerns over a stalling global economy....

Gold prices had hit a one-month peak earlier in the session after Powell said on Wednesday in congressional testimony that the U.S. job market was 'still a ways off' from the progress that the central bank wants to see before reducing its support for the economy.

Bob Haberkorn, senior market strategist at RJO Futures, said that gold's move above $1,800 this week along with concerns over a sell-off in equity markets had driven some safe-haven buying of bullion.

'Globally, there are some spots that are pretty hot with that Delta variant, and China slowing down a bit has sparked concerns about global equity markets, so you're getting some flight to safety into gold and silver.'"

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