The precious metal has rallied 17% this year as governments and central banks implemented stimulus measures to aid economies battered by the pandemic’s impact. Investors are increasingly turning to gold as a store of wealth, and banks including Goldman Sachs Group Inc. now forecast it’ll hit a record US$2,000 an ounce in 12 months.
Gold futures on the Comex rose as much as 0.6% to US$1,790.40 an ounce, near the highest level in more than seven years, and traded at US$1,788.30 at 6:20 a.m. in Singapore on June 29. Investors are also piling into bullion-backed exchange-traded funds, with global holdings at an all-time high.
Among other main precious metals, spot silver climbed 0.5%, platinum gained 0.3% and palladium added 0.3%.
