Gold Price at Record High
The gold price surged to the highest since January 2013 on February 24-th, as investors hurried to inoculate against growing panic about the spread of coronavirus infections outside China and its impact on stock prices.
The gold price jumped out of the gate on the Comex market in New York, touching a high of $1,691.70 shortly after the open.
Ole Hansen, head of commodity strategy at Saxo Bank, says in a research note hedge funds added 24% to net long positioning (bets that gold will be higher in the future).
Read the details here.
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