The pandemic has fuelled demand for the perceived safety haven the precious metal provides. FMTNews Gold WorldEconomy GoldPrice
LONDON: It’s easy to forget now but there was a time early on in the pandemic when the price of gold was in freefall.
The virus has unleashed a torrent of forces that are conspiring to fuel relentless demand for the perceived safety from turmoil that gold provides. On Friday, they hit 1.5%. And while that remains below pre-pandemic levels and below the Federal Reserve’s own 2% target, it is almost a full percentage point higher than the 0.59% yield that benchmark 10-year Treasury bonds pay.
Meanwhile, gold posted its seventh weekly gain on Friday, and analysts don’t expect the increases to end anytime soon.
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