Gold zooms to all-time peak as safety rush gathers steam – Gulf Today

Gold zooms to all-time peak as safety rush gathers steam – Gulf Today

Gold zooms to all-time peak as safety rush gathers steam

3 hours ago

A Palestinian jeweller is seen inside his shop at the gold market in Gaza City on Monday. Reuters

Gold stormed to a record high on Monday as investors sought refuge from the possible hit to a pandemic-stricken global economy from an escalation in the US-China spat, which pummelled the dollar.

Spot gold hit a record high of $1,944.73 per ounce, and rose 1.9% to $1,937.24 by 10:22am. US gold futures gained 1.9% to $1,932.50 per ounce.

Gold's record rally is moving tantalisingly close to the psychologically key $2,000 level, powered by investors seeking cover from COVID-19's global economic toll.

Silver also rallied jumping as much as 8% to $24.57, its highest since August 2013.

"The dollar is losing its safe-haven appeal and you're going to continue to see gold surge as the dollar sinks,“ said Edward Moya, senior market analyst at broker OANDA.

The dollar index hit a two-year low on the US-China tensions and concerns about the US economy as COVID-19 infections show no signs of slowing in the world's largest economy.

Gold has risen 28% so far this year marking a shift from before the pandemic, when the bullion had to compete