Gold prices hit all-time high

03/08/2020 Reuters

 

Gold prices surged to an all-time high on Monday as fears over economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the US dollar.

 

Spot gold was steady at $1,973.94 per ounce by 0254 GMT, after hitting a record high of $1,984.66 in early Asian trade.

 

US gold futures rose 0.3% to $1,992.30.

 

A weaker dollar, also considered a rival safe haven, makes gold cheaper for holders of others currencies.

 

Elsewhere, silver eased 0.2% to $24.32 per ounce, platinum fell 0.9% to $899.04 and palladium dropped 1.1% to $2,068.29.

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