Gold futures were drifting lower Wednesday after topping $1,800 and marking the highest finish since in about nine years Tuesday, as uncertainty about the economic recovery from the coronavirus pandemic underpinned demand for the safe haven.
Concerns about the spread of COVID-19 and stimulus from governments and global central banks to limit the harmful impact of the contagion is expected to foster an environment ripe for the rise of gold to further records, gold bulls predict.
August gold was $5.50, or 0.3%, lower at $1,795 an ounce, after notching the highest finish for a most-active contract since Sept. 2011 on Monday, according to Dow Jones Market Data. In August 2011, gold futures settled at a record $1,891.90.
Source : Marketwatch
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