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Gold broke beyond the $1,800 per ounce target long eyed by bulls in the precious metal as concerns about a second wave of coronavirus infections colluded with stimulus measures aimed at helping economic recovery from the pandemic.
“Speculation is a reason for change in gold prices,” tweeted Rachit Mehndirrata, an independent strategist on gold. “Investors speculate as to what government and central banks are going to do and then act.”
U.S. gold futures on Comex settled up $19.30, or 1.1%, at $1,800.50, after hitting an intraday high at $1,803.95. It was the highest reached by a benchmark Comex contract for gold since the all-time peak of $1,911.60 set in September 2011.