Agencies: we have nowhere to hide except in cash in new highs of gold
The near-month contract for gold futures closed at a new all-time high, ending 1.5 per cent higher at $2,984.30 an ounce. Futures have closed higher for a third straight session, accumulating 3.2%. Gold prices rose to levels close to $3,000 an ounce as major stock indexes entered or approached correction territory. Robert Yawger, head of the U.S. energy futures unit at Mizuho Securities, said in a report that uncertainty related to tariffs is driving an investor exodus to safer assets and pushing the price of gold higher. He said, ‘We have nowhere to hide except in cash in record-high gold.’
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