Gold futures edged closer toward $1 800/oz -- a level last seen at the end of 2011 -- as demand for haven assets surged amid concerns over rising coronavirus infections.
Bullion rose as deaths surpassed 500 000 worldwide and confirmed cases exceeded 10-million, according to Johns Hopkins University data. The increasing numbers are a chilling reminder that the deadliest pandemic of the modern era is stronger than ever.
The precious metal has rallied 17% this year as governments and central banks implemented stimulus measures to aid economies battered by the pandemic’s impact. Investors are increasingly turning to gold as a store of wealth, and banks including Goldman Sachs Group now forecast it’ll hit a record $2 000/oz in 12 months.
Gold futures on the Comex rose as much as 0.6% to $1 790.40/oz, near the highest level in more than seven years, and traded at $1 788.30 at 6:20 a.m. in Singapore. Investors are also piling into bullion-backed exchange-traded funds, with global holdings at an all-time high.
Among other main precious metals, spot silver climbed 0.5%, platinum gained 0.3% and palladium added 0.3%.