The Buzz | Gold heads for biggest quarterly gain

Gold headed for the biggest quarterly advance since 2016 amid a surge in demand for haven assets due to the coronavirus outbreak, which shows no signs of abating.
Bullion has been rising due to a resurgence in virus infections, with new hot spots emerging and the World Health Organization warning that the worst of the pandemic is still to come because of a lack of global solidarity. More U.S. areas took steps to scale back reopenings, while Australia’s Victoria is imposing a four-week lockdown in some parts of the metropolis of Melbourne in an attempt to contain a spike in cases.
There’s also increased geopolitical tension after China’s top legislative body approved a landmark national security law for Hong Kong, a sweeping attempt to quell dissent that risks U.S. retaliation and the city’s appeal as a financial hub.
The precious metal has rallied 17% this year as the health crisis prompted a wave of stimulus from governments and central banks as they tried to minimize the damage to the global economy. Investors also continue to pile into gold-backed exchange-traded funds, with holdings at a record.