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Uncertainty pushes gold price to new record high

World News | Published:

Precious metals, along with bonds, are often seen as stores of value when financial markets decline.

Gold bars

The price of gold has surged to a record 1,926.20 US dollars (£1,502.44) per ounce as investors moved money into an asset seen as a safe haven amid jitters about US-Chinese tensions and the recovery from the coronavirus pandemic.

Gold rose more than 30 dollars (£23.40) on Monday, adding 1.5% after breaking its 2011 record high on Friday.

Prices of gold and silver have jumped as rising infection numbers and job losses in the US and some other economies fuel concern the recovery from the virus and the worst global downturn since the 1930s might be faltering.

A Thai shopkeeper adjusts his face mask at a gold shop in Bangkok, Thailand
A shopkeeper at a gold shop in Bangkok, Thailand (Sakchai Lalit/AP)

Precious metals, along with bonds, are often seen as stores of value when financial markets decline.

Forecasters watch their prices as an indicator of how investors see the economic future.

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