KONTAN.CO.ID - JAKARTA. Gold held close to a near eight-year peak on Tuesday, en route to its best quarter in more than four years, as worries over rising cases of the novel coronavirus and its economic fallout boosted safe-haven demand. Spot gold was steady at $1,771.30 per ounce by 0306 GMT, just $7.76 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.2% to $1,783.80. Bullion, with more than 12% gains this quarter, is on track for its best quarter since end-March 2016, and is also headed for a third straight monthly gain. "Gold's main supports right now are negative real interest rates across the U.S. yield curve, and risk event hedging. In that, you can lump U.S. COVID-19 situation, and U.S.-China relations," said Jeffrey Halley, senior market analyst at OANDA.
Gold poised for best quarter in 4 years as virus fears persist
KONTAN.CO.ID - JAKARTA. Gold held close to a near eight-year peak on Tuesday, en route to its best quarter in more than four years, as worries over rising cases of the novel coronavirus and its economic fallout boosted safe-haven demand. Spot gold was steady at $1,771.30 per ounce by 0306 GMT, just $7.76 shy of a near eight-year high of $1,779.06 hit last week. U.S. gold futures rose 0.2% to $1,783.80. Bullion, with more than 12% gains this quarter, is on track for its best quarter since end-March 2016, and is also headed for a third straight monthly gain. "Gold's main supports right now are negative real interest rates across the U.S. yield curve, and risk event hedging. In that, you can lump U.S. COVID-19 situation, and U.S.-China relations," said Jeffrey Halley, senior market analyst at OANDA.