NEW YORK - Gold prices soared past the key US$2,000 mark for the first time in history on Tuesday , as the ultra-low interest rate environment and hopes for more US stimulus to safeguard the coronavirus-hit economy enhanced the safe-haven metal's appeal.
"Safe-haven buying has propelled gold prices to breach US$2,000 for the first time as the US dollar tested lows last seen over two years ago, negative real rates fell to levels last seen in 2013 and expectations for further stimulus packages continue to build," said Standard Chartered analyst Suki Cooper.
Talks between White House and Democratic leaders in the US Congress were finally moving in the"right direction" as they tried to reach an agreement over a major coronavirus relief Bill, a US Senate's top Democrat said. Bullion has surged a stellar 33 per cent so far this year, supported mainly by lower interest rates and widespread stimulus by global central banks to ease the economic blow from the pandemic.
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