Gold hits $1,800 an ounce, first time since 2011 – ZAWYA

Gold hits $1,800 an ounce, first time since 2011 – ZAWYA

Gold hits $1,800 an ounce, first time since 2011 | ZAWYA MENA Edition HomeMarketsCommoditiesArticleGold hits $1,800 an ounce, first time since 2011 Gold's record-high stands at $1,921.18 an ounce    Image used for illustrative purpose. Shopkeeper sits in his shop in Dubai gold souk. Gold prices on Wednesday breached the $1,800 an ounce barrier for the first time since 2011, as investors opted for safe-haven commodity amid mounting fear of rising coronavirus cases.Spot gold rose 0.4 per cent to $1,802.15 per ounce by 1217GMT, after hitting its highest since November 2011, at $1,804.41, earlier in the session. US gold futures rose 0.2 per cent to $1,814.10 per ounce.Analysts and experts said that the yellow metal is expected to sustain an upward trend in the coming weeks, due to growing concern that the surge in worldwide coronavirus cases has threatened to pinch consumer spending and job gains after easing restrictions on travel movement. They said that a weaker dollar also made the metal priced in the US unit attractive to investors.Spot gold rose 0.4 per cent to $1,802.15 per ounce by 1217GMT, after hitting its highest since November 2011, at $1,804.41, earlier in the session. US gold futures rose 0.2 per