Weak Dollar Makes Way For Gold – 30 July, 2020

Gold is on track for its best month in 4 1/2 years after data showed the U.S. is on track for its biggest monthly decline since September 2010 on a slow economic recovery outlook and a halt in employment. Spot gold rose by 0.4% to $1,967.53 per ounce, bouncing back from a break after nine straight sessions of gains. U.S. gold futures were up 1% to $1,961.30. Gold gained over 10% so far this month, having its biggest monthly percentage rise since February 2016 when it reached $1,980.57 earlier in the week. The U.S. dollar was on track for its biggest monthly decline in 10 years after falling to a two-year low, causing investors to ditch the currency for the precious metal.