Aug 05, 2020 (Baystreet.ca via COMTEX) -- The price of gold keeps moving higher.
Gold has rallied into record territory above $2,000 U.S. an ounce as investors assess increased geopolitical risks and the ongoing fallout from the coronavirus pandemic.
Bullion is up more than 30% this year, with its safe haven status enhanced by the global pandemic. And gold could extend gains further as governments and central banks respond to slowing economic growth with more fiscal stimulus measures. Investment bank Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -2.59% has revised up its forecast for gold's current rally to $2,300 U.S. an ounce.
Federal Reserve Bank of San Francisco President Mary Daly said on Tuesday that the U.S. economy needs more support than originally thought and called for increased federal support to help individuals and businesses that have been hard hit by the COVID-19 pandemic.
Spot gold rose as much as 1% to a record $2,039.93 U.S. an ounce and was at $2,036.82 U.S. in London trading Wednesday. The most-active futures traded as high as $2,055.40 U.S. Spot silver also climbed on Wednesday, rising as much as 3% to $26.7723 U.S. an ounce, the highest level for that precious metal since 2013.
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