Gold bullion rallied above $1,800 per ounce for the first time in nearly nine years as virus-weary investors hastened to safe havens, and traded above that level on Wednesday.
According to Bloomberg, year-to-date inflows for gold-tracking ETFs reached 655.6 tons on Wednesday, overtaking full-year inflows seen in 2009.
Buyers began to push in late-June and as the page has turned into July, that strength has continued to show. Since then, buyers have remained large and in-charge, helping to break the 1800 level on the way to those fresh nine-year-highs.
New York head-quartered banker Goldman Sachs foresees the yellow metal hopping even higher. The price target was set at $2,000 for a 12-month period, forecasting that investment demand in gold will probably continue to grow even as the global economy recovers.