Gold allure is only getting stronger as 2020 unfolds. Spot prices reached $1,800 an ounce and year-to-date inflows into bullion-backed exchange-traded funds have topped the record full-year total set in 2009.

Investors have favored havens this year as the coronavirus pandemic rips through economies, spurring sustained inflows into gold-backed ETFs as central banks and governments unleash vast stimulus programs. States across the U.S. recorded new highs in cases and deaths on Tuesday, and Federal Reserve Bank of Atlanta President Raphael Bostic said the resurgence of the virus may be threatening the pace of America’s recovery.

Holdings in gold-backed ETFs rose to 3,234.6 tons on Tuesday, according to initial data compiled by Bloomberg. That’s up 655.6 tons so far in 2020, topping the rise in tonnage terms seen in 2009. The total has risen each month this year.

Spot gold was up 0.2% at $1,798.55 an ounce at 9:36 a.m. in London, after climbing above $1,800 to reach the highest since November 2011. In other precious metals, silver and platinum were higher while palladium was little changed.

Source : Bloomberg