Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic.
The “pandemic, economic and political headlines, tariff tiffs,China worries,and relentless buying by [exchanged-traded fund] haven seekers,” said George Gero, managing director at RBC Wealth Management. The World Gold Council reported Tuesday that global net inflows to gold-backed ETFs reached $39.5 billion, topping the previous annual inflow record from 2016.