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Gold prices extend rally, surge by most in 11 years | The Mesh Report

Gold prices extend rally, surge by most in 11 years

Mike Hammer March 24, 2020 Comments Off on Gold prices extend rally, surge by most in 11 years

Gold prices were on track to surge by the most in more than a decade as the precious metal extended its rally to start the week, following the closure of gold mining operations and moves by the Federal Reserve to address the coronavirus crisis.

“The gold price finds itself the perfect environment with first the Federal Reserve unleashing its potentially unlimited stimulus package, followed by the closure of some Swiss gold refineries due to coronavirus,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades, in a Tuesday note.

Gold for April delivery GCJ20, 5.505% on Comex was up $103.40, or 6.6%, at $1,671, after the yellow metal booked a 5.6% gain, pushing the commodity to its highest trading level since early February, according to FactSet data. The percentage gain, if it holds, would represent the largest since March 19, 2009, according to FactSet data.

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