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Gold hits record high of $1,930 per ounce on haven demand

With the cornavirus showing no sign of letting up, traders have been flocking to gold, which is seen as a safe bet in times of crisis and uncertainty.

Picture: 123rf.com

HONG KONG - Gold prices rocketed to a record high on Monday with spooked investors rushed into the safe-haven as the coronavirus spreads across the globe, while the weaker dollar also provided strong support.

The metal surged more than one percent to $1,930.48 per ounce in Asian trade, with analysts predicting it could soon break $2,000.

With the disease showing no sign of letting up, traders have been flocking to gold, which is 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 Gavin Wendt, senior resource analyst at MineLife.

Demand for the commodity has also helped silver more than double in value from its March lows, up four percent Monday at $24.10 an ounce.