Gold gets support as ETFs pile up the yellow metal on mounting virus fears2 min read . Updated: 26 Feb 2020, 12:22 AM IST
- Currently, gold holdings with ETFs are at their highest level ever, while its price is much lower than its previous peak
- Apart from gold-backed ETFs, central banks have been driving demand for the precious metal in 2019 to diversify against currency risks
Gold’s status as the go-to asset class in times of financial distress has never been in doubt. The rise in coronavirus cases across the globe has led to the international price of gold ballooning to $1,660.7 an ounce in the past few days. In fact, year-to-date the yellow metal has shot up 9%—and about 25% in 2019 as financial markets reprice gold since the clouds of a slowdown have begun to loom across the globe.
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