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Business Maverick: Gold Poised to Challenge $1,800 as Virus Resurgence Fans Demand

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Gold is on the cusp of challenging the hard-to-crack $1,800 an ounce mark, potentially opening the way for a move toward its record price, as a resurgence in coronavirus cases risks impeding the recovery of the global economy and fans demand for haven assets.

Bullion has jumped this year as the Federal Reserve and other central banks lowered interest rates, while governments worldwide pumped in trillions in stimulus to rescue economies hurt by the pandemic. Aided by concerns of currency debasement and a potential jump in inflation, investors are turning to gold as a store of wealth. With real U.S. interest rates negative, banks such as Goldman Sachs Group Inc. now forecast it’ll hit a record $2,000 in 12 months.

Gold for August delivery rose as much as 0.6% to $1,791.80 an ounce on the Comex, the highest level since 2012, and traded at $1,785.70 at 10:23 a.m. in Singapore. Futures peaked at $1,923.70 in September 2011.

 

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