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Yahoo BusinessAug 05, 2020
Gold Barrels Past $2,000 With Stage Set for Further Rally
(Bloomberg) -- Gold rallied into record territory above $2,000 an ounce as investors assessed increased geopolitical risks and the prospect for further stimulus to combat fallout from the coronavirus pandemic.Bullion is up more than 30% this year, with its haven status enhanced by sliding U.S. real yields. Gold could extend gains as governments and central banks respond to slowing growth with vast amounts of stimulus. The metal's appeal is strengthening as the dollar weakens and a long global recovery looms. Goldman Sachs Group Inc. forecasts a rally to $2,300."The stage has been set for gold to continue to climb higher," Paul Wong, market strategist at Sprott Inc., said in a report. "We see increased fiscal spending ahead, extremely accommodative monetary policy in place for years and a challenging economic recovery."Treasury Secretary Steven Mnuchin said the White House and Democrats aim to strike a deal on virus-relief legislation this week, even though the two sides remain far apart on some issues. Federal Reserve Bank of San Francisco President Mary Daly said Tuesday the U.S. economy needs more support than originally thought.Spot gold rose as much as 1% to a record $2,039.93 an ounce, and was at $2,036.82 at 10:02 a.m. in London. The most-active futures traded as high as $2,055.40 on the Comex. Spot silver climbed as much as 3% to $26.7723 an ounce, the highest since 2013.Shifts in the U.S. bond market have also underpinned gold's meteoric ascent. Real yields on 10-year Treasuries have collapsed below zero and hit

MarketWatch MarketPulseAug 05, 2020
Disney shares surge nearly 10%, and some ETFs go along for the ride
Exchange-traded funds with big holdings in Walt Disney Co. jumped Wednesday, with some adding to gains that put them on track for their best week in over a month. Disney shares were up nearly 11% at midday after a stronger-than-expected earnings report Tuesday night, pointing to a diversified revenue mix that shielded the company from the worst of the tourism slump. The SoFi 50 ETF , with 4.9% of its portfolio in the company, was up 1.2% at midday, outpacing the 0.6% gain in the broader market , while the Invesco Dynamic Media ETF , with 4.3% in Disney, was up 0.8%. Both were on track for a 4-week high. The iShares U.S. Consumer Services ETF was up 0.5%. It has a 4.3% weighting in Disney, but nearly 10% of its portfolio in Amazon.com Inc. , shares of which were up 1.3% at midday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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