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On this day — July 25, 2020
Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.
Day 207 of 366 · Q3 2020 · 56.6% through the year
July 2020 gold market: Gold smashes through $1,900 toward records
BullishA momentum surge to the doorstep of all-time highs.
July was explosive. Gold broke above $1,800 early and accelerated to challenge its 2011 record near $1,920 by month-end, driven by a sliding dollar, deeply negative real yields, and rising US–China tensions. It was gold's strongest month of an extraordinary year.
What drove gold in July 2020
- US dollar sliding to two-year lows
- real yields deeply negative
- US–China tensions escalating
- momentum and ETF buying
Key events in July 2020
- Jul 24Gold clears $1,900 as the dollar tumbles
- Jul 27Gold nears its 2011 record high around $1,920
What happened next
The July momentum carried straight into August's record-setting blow-off top.
For gold buyers
By late July the trade had become crowded; buyers chasing the breakout above $1,900 were entering right before the August blow-off top.
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