Gold’s Powerful Rally Brings $1,800 Into View
- Futures on Comex maintain premium over spot prices in London
- Comex gold moved closer to $1,800 amid high demand for havens
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Gold extended its rally to hit the highest in more than seven years on concern that the coronavirus pandemic will have a deep effect on the global economy, hammering corporate earnings while supercharging demand for havens.
Futures in New York moved closer to $1,800 an ounce, a level last seen in 2011. Spreads between futures and spot prices remain wide, suggesting thinner liquidity, which is further exacerbating price dislocation.