Gold futures rose above 1,800 oz for the 1st time in more than 8 yrs as low interest rates, China tensions and virus chaos are driving demand for the precious Yellow metal as a safe-haven.
Bullion for August delivery rose as much as 1.3% to 1,804 oz Tuesday on the COMEX in New York, the highest for a most-active contract since November 2011. The metal posted its best Quarter in 4 yrs.
Savvy investors are buying gold for insurance against further economic fallout from the C-19 coronavirus chaos.
Fed Chairman Powell told Congress Tuesday that getting the virus under control is vital.
We are seeing a big in demand for gold. There is the virus concerns, but Key is that inflation on the back of people’s mind, and the fact that bullion is up almost 18%+ this year is driving it higher.
August futures settled at 1,800.50 oz Tuesday, for a gainer of 1.1%. Prices have advanced for 3 sessions running. Gold marked all-time highs in September 2011, with futures rising to 1,923.70 and spot prices advancing to 1,921.17 oz.
Goldie said gold could climb to a record 2,000 oz over the next 12 months, while JPMorgan Chase & Co. recommended investors buy bullion.
Have a healthy day, Keep the Faith!