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Rising pandemic boosts gold to record high

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Surging infection rates are supporting the bullion and driving US dollar higher, strategist says

Pure gold ore is shown on the stone floor of a mine. Picture: 123RF/PHAWAT KHOMMAI

Spot gold was steady at $1,973.94 per ounce by 4.54am, after hitting a record high of $1,984.66 in early Asian trade. US gold futures rose 0.3% to $1,992.30. “Gold also saw safe-haven demand as the federal unemployment bonus expired on Friday, which would affect US consumer income and spending and the US Central Bank would thus remain dovish,” Phillip Futures analysts said in a note.

 

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