The metal is stronger as worry about a surge in Covid-19 cases boosts safe-haven demand
Bengaluru — Gold climbed to its highest level in nearly eight years on Wednesday, as safe-haven demand was boosted by the worry about a surge in coronavirus infections and the hope of more stimulus measures to combat the economic blow.
“The fears of second wave cases, particularly in the US, and also in Latin America, are driving concerns about sustained weakness in the economic recovery and that’s certainly supporting safe-haven assets like gold,” said ANZ analyst Daniel Hynes. Central banks worldwide have adopted aggressive stimulus measures and kept interest rates low, helping gold prices surge more than 16% in 2020, as the precious metal is widely seen as a hedge against inflation and currency debasement.
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