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Thursday, February 29, 2024

NewGold ETF up 71% YTD as Gold Nears $2,000 After Dollar Drop

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The NewGold Exchange Traded Fund (ETF) has returned 71 percent year to date as investors pile into a chance to get exposure to soaring Gold prices.

Gold rose with Comex futures climbing back to $2,000 an ounce, as the dollar extended its slump and investors bet U.S. interest rates would stay lower for longer.

The dollar dropped to the lowest in over two years, fueling a broad advance in commodities.

Spot gold gained more than 3 percent over the past three sessions, following its first monthly loss since March, as the Federal Reserve’s new approach on inflation added support.

Gold is benefiting from the dollar’s weakness analysts say.

Comex gold futures for December delivery touched $2,001.20 an ounce, the highest since Aug. 19.

Spot gold rose 1.1 percent to $1,989.68 an ounce at 12:51 p.m. in London. The Dollar Spot Index fell 0.4 percent to the lowest since May 2018, according to Bloomberg data.

Gold has soared more than 30 percent this year.

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