Gold rockets to nearly 8-year high as revived coronavirus concerns push investors to safe havens
futures leaped as much as 1.5% on Monday as surging coronavirus cases pushed investors into the popular hedge bet.
Investors typically rush to gold as they grow more worried of a stock market rout. An uptick in coronavirus cases throughout the US sparked new fears of a longer-than-expected recession over the weekend. Florida recorded three straight days of record-high case counts, while North Carolina, Texas, and Arizona posted similarly dire testing data.
The metal recently thrived on from the expectation of low rates remaining for years. Federal Reserve policymakers revealed in June they expect near-zero interest rates to last at least through 2022 to ensure a robust economic recovery. Such forecasts strengthen gold's relative value for investors hungry for yield.
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