Gold surged to a record high on Thursday as the COVID-19 pandemic clouded the economic outlook and bolstered bullion's safe-haven allure, though analysts said the rapid pace of gains could prompt some correction.
Spot gold hit an all-time high of US$2059.09 per ounce and was up 0.9per cent at US$2,057.00 at 1153 GMT. U.S. gold futures rose 1per cent to US$2,069."It's the best of all worlds for gold at the moment; we still have the coronavirus crisis in full swing mainly in the U.S... We still have the question of whether the economy is going to recover or will slip back into recession," said Julius Baer analyst Carsten Menke.
While the outlook for gold remains fundamentally positive, a correction is also increasingly likely, analysts said.
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