"Aug Comex gold (GCQ20) on Tuesday closed up +19.3 (+1.08%), and July silver (SIN20) closed up +0.561 (+3.12%).
Precious metals prices on Tuesday moved higher with gold at an 8-1/2 year high and silver at a 4-week high. A resurgence of coronavirus cases, along with record amounts of stimulus from central banks, boosted safe-haven demand for precious metals.
The recent surge of the coronavirus pandemic in the U.S. has forced some states to scale back their reopenings. Arizona closed bars and gyms, and New Jersey halted plans for indoor dining. Also, L.A. County in Californian warned of hospitals being overwhelmed after the 7-day average rate of positive virus tests jumped to 8.4% from 4.6% in late May. The pandemic continues to dampen the U.S. and global economies. Confirmed cases of the virus have risen above 10.433 million globally, with deaths exceeding 508,000."
- "Safe-haven demand and dovish central bank expectations have sparked fund buying of precious metals in recent months. Long gold positions in ETFs on Monday rose to a new record high of 3,199.12 MT (data since 2002). Also, long silver positions in ETFs rose to a new record high of 773.68 million ounces on Monday."
https://www.barchart.com/story/futures/quotes/GC*0/futures-prices/12687/gold-settles-at-an-8-12-year-high-as-surging-pandemic-fuels-safe-haven-demand