Gold Rush Picks Up With $100 Billion Traded in London in a Day
Gold Rush Picks Up With $100 Billion Traded in London in a Day
(Bloomberg) -- The fear gripping markets around the world is fueling record trading in gold as investors seek out havens.
Gold trading tracked by the London Bullion Market Association’s LBMA-i service reached almost $100 billion on Monday, the highest-ever daily volume, the association said. The jump came as a full-blown oil price war rattled global financial markets already reeling from the coronavirus outbreak.
The record trading volume affirmed “gold’s status as a safe-haven asset in times of turmoil,” the LBMA said in a note.
Investors have piled into gold at a faster pace this year in anticipation of a wave of monetary easing to cushion the impact of the virus crisis. That’s pushed bullion prices to a seven-year high and holdings in exchange-traded funds to a record.
Prices also recently reached all-time highs in currencies including the Canadian and Australian dollars and India’s rupee.
To contact the reporter on this story: Elena Mazneva in London at emazneva@bloomberg.net
To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin
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