Gold hit a record high Monday as investors rushed into the safe-haven on concerns about China-U.S. tensions, a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington. The latest leg of gold's rally started after European Union leaders agreed on the 750 billion euros recovery package which highlighted that central banks and governments may continue with measures to support the economic recovery.
This sent the dollar index to its lowest since September 2018. "The diverging economic and virus situation in U.S. and Europe has also led to a rush towards euro", said Madhavi Mehta, analyst, commodity research, Kotak Securities.
The main driver behind gold's rally has been falling returns on United States government bonds, which reflect the likelihood that the Federal Reserve will have to keep interest rates lower for a prolonged period of time to support the economic recovery, according to Hussein Sayed, chief market strategist at FXTM.
"Today it is all about gold prices and bulls are celebrating the fact that the gold price has hit an all time high", said Naeem Aslam, chief market analyst at Avatrade.
The steady demand for the yellow metal continues as other asset classes including equities and properties are not doing well amid the economic slowdown.
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