Gold jumps nearly $40 to a fresh all-time high
Gold prices surged nearly $40 on Monday to hit a fresh all-time high, as investors continued to seek safe-haven assets amid concerns over the economic impact of the coronavirus pandemic.
Spot gold rose 2.1% to $1,934.86 per ounce by 12:40 p.m. ET, after hitting a record high of $1,943.927 earlier in the session. Gold futures also hit a record high, with December gold climbing $38.30 to $1,953.40 per ounce.
The surge in gold prices comes as investors remain worried about the economic fallout from the pandemic, with many countries still struggling to contain the spread of the virus. This has led to a renewed interest in safe-haven assets such as gold, which is seen as a hedge against inflation and currency devaluation.
In addition to concerns over the pandemic, geopolitical tensions between the U.S. and China have also contributed to the rise in gold prices. The escalating tensions between the world's two largest economies have increased the appeal of gold as a safe-haven asset.
Analysts expect gold prices to continue to rise in the near term, as the economic uncertainty caused by the pandemic shows no signs of abating. This could further boost demand for gold as investors seek to protect their portfolios from the potential impact of the ongoing crisis.