Price of gold hits record high amid coronavirus crisis

World

Published: 2020-08-03 16:27

Last Updated: 2020-08-03 16:43


Price of gold hits record high amid coronavirus crisis
Price of gold hits record high amid coronavirus crisis

Global gold prices rose to a record level on Monday, due to people considering it a good investment amid huge economic fallout resulting from the COVID-19 crisis, but the increase in dollar has limited gains.

The price of gold was stable at $1973.75 an ounce by 06:35 GMT, after hitting a record peak at $1984.66 in early Asian trade, according to Reuters.

U.S. gold futures increased 0.3% to $1992.10.

“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 U.S. dollar higher,” Michael McCarthy, chief strategist at CMC Markets, told Reuters. 

Regarding other precious metals, silver decreased by 0.5% to $24.26 an ounce, and platinum decreased by 1% to $897.61, while palladium settled at $2090.22 an ounce.