GOLD prices today rocketed to a record high, with spooked investors rushing into the safe haven as the coronavirus spreads across the globe, while the weaker dollar provides strong support.

The metal surged more than 1% to US$1,930.48 (RM8,208.40) per ounce in Asian trade, with analysts predicting it will soon break US$2,000.

With Covid-19 showing no sign of letting up, traders have flocked to gold, seen as a safe bet in times of crisis and uncertainty.

Vast monetary easing measures put in place by the Federal Reserve, pushing the dollar lower against most other currencies, have added to its attractiveness.

“Strong gains are inevitable as we enter a period much like the post-global financial crisis environment, where gold prices soared to record levels as a result of copious amounts of Fed money being pumped into the financial system,” said MineLife senior resource analyst Gavin Wendt.

Demand for the commodity has also helped silver more than double in value from its March lows, up 4% today at US$24.10 an ounce. – AFP, July 27, 2020.