TOKYO -- Gold prices are surging, with central banks and gold-backed exchange-traded funds buying up the precious metal amid uncertainty stemming from the prolonged U.S.-China trade war and negative interest rates around the world.
Gold futures in New York are trending around $1,500 per troy ounce -- approximately $200, or 15%, above the theoretical value of $1,300. The difference is the largest since 2011, when gold prices were buoyed by the downgrading of U.S. sovereign debt.
