Gold Surpasses $2,000 Mark as Investors Continue to Seek Safe Haven amid Virus Crisis

Gold prices jumped to a record high on Tuesday, passing its key $2,000 historic mark for the first time amid low-interest rates and hopes for more stimulus packages from the Fed to offset the impact from the coronavirus outbreak.

On Tuesday, the Gold spot increased as high as 2,029 per ounce, while Gold Futures jumped to $2,036 per ounce.

 

The analyst from Standard Chartered stated that the current crisis prompted investors to seek a safe haven, resulting in a series of rallies in the gold prices. However, the analyst warned that gold could be at risk of a temporary pullback, giving how quickly prices have rallied.

Meanwhile, Mizuho Bank stated that the recent blasted in Beirut, which killed dozens and wounded thousands, probably (added) to the rally in the gold price to surpass the $2020 mark.