#COVID19: Gold Climbs To 2012 Highs Due To Coronavirus Fears
Gold futures reached 2012 highs on Monday, continuing its ongoing rally as Coronavirus fears causes major inflows into gold backed ETFs.
With the worrying signs of Covid-19 spreading even as governments plans to restart their economies.
Central banks have also added gold to their monetary support stimulus with the Bank of England’s bond buying rates and also helped by the US Fed programme of keeping rates low.
Investors use gold to hedge against declining rates and monetary uncertainty.
Gold futures rose to just over $1,767.00 by Monday evening, the highest it has been since 2012 rallies.
Year to date, the precious metal is up 16% as Goldman Sachs predicts $2,000 an ounce for the next 12 months.
Gold traded ETFs had their holdings increase by almost 30 tons last week.
The world’s largest gold ETF, SPDR Gold saw inflows of up to 23 tonnes or 742,492 ounces.
You may be interested
Police arrest woman, 73, for allegedly killing 83-yr-old husband in AbiaAdemola Yakubu - July 9, 2020
Kindly Share This Story:One Mrs Rose Uwaga has been arrested by Abia State police command for allegedly strangling her 83-year-old…
13 soldiers, 17 Boko Haram/ISWAP terrorists killed in Borno attacksAdemola Yakubu - July 9, 2020
Kindly Share This Story:Not less than 13 soldiers of 198 battalion were killed Tuesday along Damboa-Maiduguri highway in Borno State…