Gold prices soar to record
Gold prices are on a roll as safe-haven buying continued to spur the yellow metal to greater heights amid growing concerns about the global economic outlook, geopolitical risks and the resurgence of the novel coronavirus epidemic.
Gold hit $1,944.68 per ounce on Monday, breaking its previous record high of $1,921.15 in September 2011.
According to data from Shanghai-based market tracker Wind Info, prices have risen by about 25% so far this year.
With rising inflation expectations, unprecedented fiscal stimuli and increasing government debt, many investment banking and financial services have increased their gold price forecasts for the fourth quarter of this year as well as 2021.
Analysts at UBS expect gold prices to touch $2,000 per ounce before the end of the year, driven higher by low US interest rates, a weaker dollar, coronavirus concerns and tension between the US and China.