Gold Rush Picks Up With $100 Billion Traded In London In A Day

(March 11,2020 - Elena Mazneva)

The fear gripping markets around the world is fueling record trading in gold as investors seek out havens.

Gold trading tracked by the London Bullion Market Association’s LBMA-i service reached almost $100 billion on Monday, the highest-ever daily volume, the association said. The jump came as a full-blown oil price war rattled global financial markets already reeling from the coronavirus outbreak.

The record trading volume affirmed “gold’s status as a safe-haven asset in times of turmoil,” the LBMA said in a note.

Investors have piled into gold at a faster pace this year in anticipation of a wave of monetary easing to cushion the impact of the virus crisis. That’s pushed bullion prices to a seven-year high and holdings in exchange-traded funds to a record.