Stocks sink and investors snap up tons of gold; stocks surge and investors keep on snapping up tons of gold. The haven has benefited from sustained inflows in recent days as the markets’ virus-driven gyrations and expectations for interest rate cuts spur large, consistent demand.
Net inflows into gold-backed exchange-traded funds topped 55 t over the three days to Tuesday, lifting the overall holdings to a fresh record, according to a preliminary tally by Bloomberg. That accounts for almost a third of year-to-date inflows, and came as the S&P 500 Index nosedived then jumped.