Gold Price Soars to New Record as U.S. Economy Stalls
GOLD PRICE NEWS – The gold price soared to yet another all-time high Tuesday morning, rising $21.50 to $1,640.80 per ounce. The price of gold dipped briefly following the deal to raise the debt ceiling, but quickly bounced back amid concerns that the United States would lose its AAA credit rating. Helping to further boost gold prices was a fresh batch of economic data showing the U.S. economy was slowing materially. Weak Q2 GDP data, downward revisions to previous quarters, and softer June manufacturing figures has fueled a surge in investment demand for gold and investments tied to the gold price.
News this morning that consumer spending fell 0.2% in June was weaker than market expectations of a 0.1% gain. The gold price has begun to significantly outperform cyclically-sensitive stocks and commodities as a series of disappointing U.S. economic reports has been released. Gold has also outperformed its sister precious metal, silver, in recent months. Silver – which sits 20% below its spring all-time high of $49.79 per ounce – is following the gold price higher Tuesday morning, rising 2.0% to $40.11 per ounce.
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