Gold nears $1,800 as demand for safe haven assets surges – The National

Gold nears $1,800 as demand for safe haven assets surges – The National

Concerns over the rise in coronavirus infections fuelled the precious metal's rally

















A customer checks out gold jewellery at a store in Dubai. The precious metal has rallied 17 per cent this year as investors increasingly turn to gold as a store of wealth. Getty Images

















June 29, 2020



June 29, 2020













Gold futures edged closer towards $1,800 an ounce - 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 per cent this year as governments and central banks implemented stimulus measures to aid economies battered by the pandemic. Investors are increasingly turning to gold as a store of wealth, and banks including Goldman Sachs Group now forecast it will hit a record $2,000 an ounce in 12 months.



Gold futures on the Comex rose