June market update – the price of gold climbs to a 7-year high

Global equity markets continued their recovery over the month of June, albeit at a steadier pace relative to the start of the second quarter, as the gradual increase in global economic activity (supported by historic stimulus packages) was finely balanced with the worrying outbreak of Covid-19 cases in a number of US states and countries such as Brazil.

In this edition

• The US dollar was weaker over the month, which also supported Asian and Emerging Market equities and another month of positive commodity market returns
• Within commodity markets, oil prices continued to edge higher and delivered the strongest quarterly returns since the start of the Gulf War in 1990, following the first quarter’s dramatic falls
• There was continued demand for gold and other precious metals, reflecting the caution amongst investors over the uncertain economic outlook

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