The gold price fell in yesterday’s New York trade from 1,988 to 1,928 $ / oz. This morning the gold price is recovering in Shanghai and Hong Kong and is currently trading at $ 1,951 / oz, $ 42 / oz below the previous day’s level (20.08.20). Gold mining stocks are falling worldwide.
The precious metal markets
On a euro basis, the gold price is falling against a stronger dollar (current price 52,937 euros / kg, previous day 53,670 euros / kg). On July 27th, 2020, after a long-term upward movement, the gold price exceeded the target price range between $ 1,700 and $ 1,900 / oz and is overvalued for the first time in many years. Due to the lack of investment alternatives, it is advisable to remain fully invested in gold, silver and precious metal stocks at the beginning of the expected exaggeration phase. Since many weak hands have come into the market during the upward trend of recent months, a more volatile price development must be expected in the coming months. Silver is falling (current price $ 27.25 / oz, previous day $ 27.65 / oz). Platinum is falling (current price $ 933 / oz, previous day $ 944 / oz). Palladium is losing (current price $ 2,055 / oz, previous day $ 2,070 / oz). The base metals develop stably.