Gold futures climbed on Wednesday, building on their highest settlement since September 2011 a day earlier and supported by the prospect of a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic.

The “pandemic, economic and political headlines, tariff tiffs,China worries,and relentless buying by [exchanged-traded fund] haven seekers,” said George Gero, managing director at RBC Wealth Management. The World Gold Council reported Tuesday that global net inflows to gold-backed ETFs reached $39.5 billion, topping the previous annual inflow record from 2016.

“Gold has been a haven for investors looking ahead to volatility in stocks, currencies, and low rates as aggressive global stimulus ensued,” said Gero, in emailed commentary.

On Tuesday, the Federal Reserve’s No. 2, Richard Clarida, did little to disabuse investors of the view that the Fed would do whatever it takes to limit the damage from the viral outbreak.

“We have a lot of accommodation in place; there’s more that we can do, there’s more that we will do, if we need to,” the Fed Vice Chairman said on CNN International. The Fed’s balance sheet has grown from $4 trillion back in March to about $7 trillion, as policy makers unfurled a cavalcade of programs intended to inject liquidity into markets that have been nearly frozen due to fears of the economic impact of the pandemic.

Precious metals have benefited from loose monetary policy as billion is viewed as a hedge against uncertainty and a protection against a wave of money printing to help stimulate economic growth.

“Hearing this from the Vice Chair and it should be no surprise that gold continues to move higher and which I remain bullish on,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a Wednesday research note.

August gold

rose $15.10, or 0.8%, at $1,825 an ounce, following a 0.9% gain for the yellow metal to the loftiest finish for a most-active contract since Sept. 16, 2011, according to FactSet data.

Meanwhile, September silver

traded 38.6 cents, or 2.1%, higher at $19.085 an ounce, driving gold’s sister metal near the psychologically important level at $19, after it gained 0.6% in the previous session.

September copper

added 0.7% to $2.185 a pound. October platinum

climbed by 1.6% to $877.20 an ounce and September palladium

edged up by 0.03% to $1,952.10 an ounce.

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