Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2 000/oz as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in US real yields and increased geopolitical risks.
Bullion is up more than 30% this year, and could extend gains as governments and central banks respond to slowing growth with vast amounts of support. The haven’s allure as a store of wealth is strengthening as investors face the prospect of a long global recovery, and the debasement of fiat currencies, with banks including Goldman Sachs Group forecasting a rally to $2 300.