Gold soars to record high as virus fears lift safe-haven demand – Gulf Today

  • Date: 03-Aug-2020
  • Source: Gulf Today
  • Sector:Oil & Gas
  • Country:Gulf
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Gold soars to record high as virus fears lift safe-haven demand – Gulf Today

Gold soars to record high as virus fears lift safe-haven demand

an hour ago

Picture used for illustrative purpose. File

Gold prices surged to an all-time high on Monday as fears about the economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.

Spot gold was steady at $1,974.29 per ounce by 0508 GMT, after hitting a record high of $1,984.66 in early Asian trade. US gold futures rose 0.3% to $1,992.20.

"The sentiment across markets is deteriorating. First of all, rising infection rates are a real concern for the globe and a real support for gold prices. Given that, it is also driving US dollar higher," said Michael McCarthy, chief strategist at CMC Markets.

Coronavirus cases continued to surge in the United States and stood at over 17.96 million globally.

Rising COVID-19 cases and simmering US-China tensions have dented hopes for a swift economic recovery, driving inflows into safe-haven assets such as gold, which climbed 30% so far this year. 

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