Gold prices have climbed to their highest levels in nearly nine years.
Gold prices have climbed to their highest levels in nearly nine years, with the precious metal seen as a ‘weapon of choice’ for gold investors dealing with pandemic-related uncertainty in the stock market, clearing the path to a fresh record in the second half of the year.
Gold breezed through the $1,800 level and “seems to have recovered its mojo,” said Ross Norman, chief executive officer of precious metals news and information provider Metals Daily. Bulls will also be “much encouraged that silver is performing at last.” “ ‘The weapon of choice has clearly been the gold ETF and purchases year to date have exceeded anything seen in any previous full year.’ ”
“Gold ETF investment demand shattered numerous records this year as investors sought safety from the economic turmoil created by COVID-19,” Juan Carlos Artigas, head of research at the World Gold Council, said in a statement. Gold ETF investment demand is likely to continue its “strong momentum” in the second half of the year as concerns over the economic impact of COVID-19 and infection rates of the virus linger, he added.Ed Moy, who was director of the U.S.
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