The enduring luster of gold – ZAWYA

The enduring luster of gold – ZAWYA

the enduring luster of gold the shiny metal trades some 30 percent higher than it did during its lows in march    image used for illustrative purpose. a one kilo gold bar is displayed in a shop in dubai's gold souk, april 11, 2006.  in times of crisis and economic turmoil, investors flock to safe havens. the coronavirus disease (covid-19) pandemic is no different. in early monday's asian trading session, gold beat its previous record high in 2011, when it had reached $1,921.17. by mid-morning european time, it traded at $1,929.60 per ounce.the shiny metal trades some 30 percent higher than it did during its lows in march. at the beginning of the pandemic, gold temporarily fell below $1,480 per ounce as investors needed liquidity to cover their losses. this affected the exchange-traded funds. the fact that access to the physical commodity was severely restricted by the lockdown did not help the price either. at the onset of the pandemic and before the massive equity rally kicked in, the s&p 500 fell by some 34 percent, which was reflected across the band in major stock markets. even the shanghai composite fell by around 26 percent during that time frame. this