Institutions: We have nowhere to hide except to store our cash in new highs of gold

Gold futures front-month contracts closed at record highs, rising 1.5 per cent to $2984.30 an ounce. Gold futures closed higher for a third straight session, gaining 3.2 per cent. Gold rose to near $3,000 an ounce as major indices moved into or near correction territory. Robert Yawger, head of US energy futures at Mizuho Securities, said in a note that uncertainty related to tariffs was driving investors to flight to safety and driving gold prices higher. "We have nowhere to hide but to store our cash in record gold," he said.