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.