Gold has extended its rally with prices reaching their highest level in more than seven years on investor concerns that the Covid-19 pandemic will have a devastating effect on the global economy. Futures are nearing $1,800 an ounce after trading in the $1,400s less than four weeks ago. Prices are now at their highest level since October 2012. Spot gold was up more than five percent on Tuesday at $1,718 an ounce. Gold appears to have “solid, big-picture, bullish fundamentals in place as deteriorating economic sentiment globally suggests even larger waves of government support will be seen in China, India, Europe and the US,” analysts at
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