The price of gold climbed to its highest level in almost 8 years on Wednesday, in light of concerns about the high incidence of coronavirus infection.
According to Reuters, gold rose in immediate transactions 0.1 percent to $ 1767.93 an ounce by 0645 GMT, after touching $ 1773, its highest level since October 2012 in early trading in Asia.
The US gold futures rose 0.2 percent to $ 1785.80.
Concerns about the second wave cases, especially in the United States and also in Latin America, are driving concern about continued weak recovery, said ANZ analyst Daniel Heinz. Economic and that certainly supports safe haven assets like gold.
Support is continuing from the likelihood that central banks will offer the market programs to purchase bonds and a monetary easing that will keep interest rates evidently low in the foreseeable future.
Central banks around the world have adopted strong stimulus measures and kept interest rates low, which has helped gold prices rise by more than 16 percent since the beginning of the year. The yellow metal is widely seen as a hedging instrument in the face of inflation and currency depreciation.
As for other precious metals, palladium fell 0.1 percent to $ 1921.46 an ounce, platinum fell 0.3 percent to $ 826.54 and silver fell 0.3 percent to $ 17.89. >
