Gold prices are starting the week off strong, with one ounce of gold trading for about $1,750 on the morning of Monday, May 18, 2020. Even if prices soften a bit, the $1,700+ territory represents the strongest showing for the yellow precious metal since 2012.
And moving into the week ahead, many analysts are keeping a close eye on the prices of gold and other commodities as hope swells behind some promising vaccine developments to help fight the COVID-19 pandemic. The stock market kicked off trading on Monday up more than 700 points on the news.
Where gold goes this week and in the months ahead greatly depends on whether the markets continue performing well — and that may hinge on how much headway the vaccine trials make. One thing is for certain: gold remains hot and is well serving its historical role as a hedge, an insurance, against bad times.