Gold is on the cusp of challenging the hard-to-crack $1 800/oz mark, potentially opening the way for a move toward its record price, as a resurgence in coronavirus cases risks impeding the recovery of the global economy and fans demand for haven assets.
Futures have rallied to within 1% of the level last seen at the end of 2011, the year bullion notched its all-time high, as newly diagnosed cases of Covid-19 and other indicators of the pandemic’s spread soared in hot spots across the US Anthony Fauci, the country’s top infectious-disease doctor, warned on Tuesday that he’s seeing a “disturbing surge” in cases.