On the last day of July, the price of the December futures for gold on the Comex exchange for the first time in history exceeded $2,000 per ounce. Futures with an earlier expiration also remain close to this mark, analysts predict that the $2,000 level will be left far behind in the near future.

The daily level of applications for the execution of August futures (3.3 million ounces or more than 100 tons) was a record since 1994. In this situation, traders intend to exchange paper contracts for a real asset to the maximum.
The main reason for the gold rally remains the weakness of the dollar, the main reserve currency, and low Fed rates. The main precious metal completes the best month in four years, writes Bloomberg.
On Friday, July 31, markets continue to react to US reporting, which showed a historically unprecedented quarterly drop in GDP. Under these conditions, the euro rose to 1.20 against the dollar, and on the Russian market broke through the mark of 87 rubles per euro.

Since the beginning of the year, gold has risen in price by 30%, and this has already caused shifts in the physical markets, such as the historic drop in demand in India. The fortunes of billionaire gold miners, on the other hand, have skyrocketed .

With dollar inflation risks due to inflated government support for the US economy, gold remains the last resort, writes Goldman Sachs, and expects the rally to continue to $ 2300 per ounce. Bank of America urges to prepare for peaks to $3,000, while JPMorgan expects the rally to stop before the end of the year.

The price of gold exceeded $2000