Silver Futures Surge and Gold Nears Record in Flight to Havens
- Silver earlier jumped more than 8% and gold rose past $1,870
- Demand surges on outlook for prolonged, uneven growth recovery
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Silver futures climbed to the highest in almost seven years and gold continued its march toward a record on expectations there’ll be more stimulus to help the global economy recover from the coronavirus pandemic.
Investors have flocked to the metals on surging demand for havens amid a resurgence in virus cases, slowing growth, negative real interest rates in the U.S., flaring political tensions and a weaker dollar. The vast amounts of stimulus unleashed by governments and central banks have also aided prices and, after the success of a European rescue package this week, the focus turns to negotiations on legislation to prop up the American economy.