Gold Market Snarled by Virus Lockdown as World Races for Haven
- Logistical disruptions cause mismatch in NY-London pricing
- ‘This isn’t anything that we’ve seen in a generation’
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The gold market is creaking, in the latest sign of how the coronavirus pandemic is causing chaos across financial markets.
Just as demand for the metal soars with investors seeking a safe haven from unprecedented economic turmoil, a glitch has appeared in the global market. The price of gold in New York and London has diverged by the most in four decades after lockdowns and grounded planes strangled the supply routes that allow physical gold to move around the globe.