Gold raced to a record high on Monday as the US’s deepening Covid-19 crisis sent the US dollar tumbling further and encouraged anxious investors to choose the precious metal as the place to park their cash.
The price of the metal, used by investors as a store of value in times of stress, climbed as much as 2.4 per cent in intraday trading on Monday to a record $1,945.16 a troy ounce, blasting past its previous nominal high of $1,921 set in September 2011.
Gold has rallied by more than a quarter this year, making it one of the best-performing mainstream assets, as investors brace for the economic fallout of Covid-19 and seek to minimise the effects of sweeping central bank interventions on their portfolios.
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