RBC's Gero: gold sought as safe haven again; 'look for $1,800'
(Kitco News) - Gold is stronger as stocks pull back amid concerns about “restarting” many states amid the COVID-19 pandemic and with markets even more concerned with the U.S. hardening its stance against China again, with the threat of tariffs that could derail Chinese purchases, said George Gero, managing director with RBC Wealth Management. Around 8 a.m. EDT, futures for the Dow Jones Industrial Average were around 262 points lower. Meanwhile, Comex June gold was $15 higher at $1,715.90 an ounce. Safe-haven buyers are returning to gold, Gero said. “Look for $1,800 as more political and economic headlines should support gold, especially for international investors,” he concluded.