Precious metals explode higher, yet again

By Peter Bukov|

Published: August 06 2020, 08:45 GMT+0

Precious metals explode higher, yet again

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The incredible bullish trend in precious metals continued on Thursday, with gold rising another half a percent to 2,050 USD, while silver has rocketed more than 3% so far on the day, trading below the 28 USD level. 

The greenback was briefly higher in the EU morning, with the EURUSD pair hovering at around 1.1850 and the USDJPY pair pushing above 105.60.

Meanwhile, German factory orders soared in June, printing 27.9% month-on-month, far above the 10% gain expected. The yearly change improved from -30% to -11.3%. These numbers are keeping the V-shape narrative alive. 

From other news, the Bank of England maintained its key interest rate at 0.10%. Still, the central bank might provide fresh stimulus in the coming months if the economic situation deteriorates further. 

Later in the day, US jobless claims are due, and with yesterday’s huge ADP miss, it looks like the labor market in the USA is weakening again as more lockdowns are reintroduced.