Coronavirus outbreak spurs stampede into gold havens
Sign up now: Get ST's newsletters delivered to your inbox
With bond yields in retreat and real US interest rates sinking further into negative territory, gold-backed exchange-traded funds posted a record run of inflows.
PHOTO: REUTERS
The stars have aligned for gold as concerns that the coronavirus outbreak may damage growth, hurt risk assets and add to pressures for easier monetary policy combine to trigger a powerful global hunt for havens.
Bullion headed for the biggest weekly gain in over six months on Friday as prices hit a seven-year high. With bond yields in retreat and real US interest rates sinking further into negative territory, gold-backed exchange-traded funds (ETFs) posted a record run of inflows.
