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Investors are returning to gold as a safe haven after weeks of stock market volatility.
Friday’s surge in inflow signals investors’ rising interest in the precious metal––often viewed as a store of value––as the stock market recorded a dismal start to the year. On last Friday, the S&P 500’s marked its worst weekly performance since the week ending March 20, 2020.
In Feburary 21th, $SPDR Gold ETF (GLD.US)$, the largest exchange-traded fund backed by physical bullion, have risen more than 50 tonnes since hitting a 20-month low in last year December.
Friday’s surge in inflow signals investors’ rising interest in the precious metal––often viewed as a store of value––as the stock market recorded a dismal start to the year. On last Friday, the S&P 500’s marked its worst weekly performance since the week ending March 20, 2020.
In Feburary 21th, $SPDR Gold ETF (GLD.US)$, the largest exchange-traded fund backed by physical bullion, have risen more than 50 tonnes since hitting a 20-month low in last year December.
George Milling-Stanley, chief gold strategist at State Street Global Advisors says there is a 50% chance that gold’s price will finish 2022 between $1,800 and $2,000 an ounce, and a 30% chance it could reach above $2,000 an ounce.
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