London (CNN Business)Gold costs have taken off to a record high, with speculators racing to discover safe spots to stop their cash as concerns develop about a resurgence in the coronavirus and the effect that could have on the worldwide economy.
Gold hit $1,944 per ounce before on Monday, beating its past record of $1,921 set in 2011. It has now increased about 27% so far this year. Silver additionally got a lift, climbing over 6% to reach $24.21 an ounce, obscuring Thursday's seven-year high.
"Gold is the away from of place of refuge request," Stephen Innes, boss worldwide markets specialist at axiCorp, said in an exploration note. also, the record run may not be finished at this point. Investigators at UBS anticipate that gold should reach $2,000 before the year's end, driven higher by low US loan costs, a more fragile dollar and strain between the US and China.
