Gold hit a record high on Monday as fears over the economic fallout from rising coronavirus cases bolstered its safe-haven appeal, before inching lower as an uptick in the dollar fuelled some profit-taking.
FILE PHOTO: Gold bars are seen at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
“The dollar’s correction from a two-year low is taking some shine off gold,” independent analyst Ross Norman said. “We seem to be in a period of consolidation and we’ve seen some profit-taking.” Rising COVID-19 cases and simmering U.S.-China tensions have dented hopes for a swift economic recovery, driving inflows into safe-haven assets such as gold, which has climbed about 30% so far this year.
Weighing on bullion, the dollar index .DXY was up 0.3% against its rivals, making assets priced in the U.S. unit more expensive for holders of others currencies.
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Gold soars to record high as virus fears lift safe-haven demandGold prices surged to an all-time high on Monday as fears about the economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the U.S. dollar.
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