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Gold prices extend climb to 9-year high as traders see few limits to central-bank stimulus

July 8, 2020

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.

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