RBC's Gero: Comex gold drawing safe-haven bid
Gold is higher on a morning when the market is again drawing safe-haven buyers, said George Gero, managing director with RBC Wealth Management. He pointed out that holdings of the metal by exchange-traded funds have been rising lately. “Those are longer-term investors concerned with weakened currencies,” he said. As of 7:40 a.m. EDT, the most-active Comex June gold-futures contract was up $8.90 to $1,605.50 an ounce. “[The] trading range basis June contract [is] $1,600 to $1,650 for now as political and economic and coronavirus headlines dominate global news,” Gero said. Gold’s stronger tone comes with the futures for the Dow Jones Industrial Average around 700 points lower in electronic screen trading ahead of the open on Wall Street.