SINGAPORE - Gold is on the cusp of challenging the hard-to-crack US$1,800 an ounce mark, potentially opening the way for a move towards its record price, as a resurgence in coronavirus cases risks impeding the recovery of the global economy and fans demand for haven assets.
Gold for August delivery on Wednesday rose as much as 0.6 per cent to US$1,791.80 an ounce on the Comex, the highest level since 2012, and traded at US$1,785.70 at 10.23am in Singapore. Futures peaked at US$1,923.70 in September 2011. Central banks worldwide have adopted aggressive stimulus measures and kept interest rates low, helping gold prices surge more than 16 per cent this year, as the precious metal is widely seen as a hedge against inflation and currency debasement. With real US interest rates negative, banks such as Goldman Sachs Group now forecast it'll hit a record US$2,000 in 12 months.
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