A weakening dollar and the ongoing pandemic is pushing investors into the safe haven.
Gold reached a record high of more than $2,000 an ounce on Tuesday, as investors spooked by a weakening dollar, volatility triggered by coronavirus and rising U.S. cases continue to look for a safe haven to move their money into.Gold hit a high of $2,041.33 an ounce on Wednesday, after exceeding $2,000 for the first time on Tuesday.
The precious metal has gained more than 34% this year, making it one of 2020’s best performing assets, ReutersGold isn’t the only precious metal to have gained significantly, with the price of silver jumping to its highest level since 2013, and rising 50% overall this year. The dollar weakened to two-year lows last week as lawmakers in Washington work to agree another stimulus deal.Governments and central banks across the world are unleashing stimulus packages worth some $20 trillion into the global economy, according to Bank of America, in a bid to boost output after the pandemic continues to halt major industries and force people to stay home. U.S.
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