Gold prices surged to seven-year highs on Tuesday as rising fears over the scale of the impending economic downturn continue to drive investors away from risk.
Spot gold climbed 1.5% to surpass $1,739 per troy ounce during afternoon trade in Europe, its highest point since October 2012.
The precious metal has now recaptured all of the ground it lost during the initial broad market meltdown as the coronavirus pandemic spread rapidly last month. This latest resurgence, according to AJ Bell Investment Director Russ Mould, could perhaps "lay the groundwork for a return to the all-time high of $1,900 reached in autumn 2011."
Gold tends to benefit from stimulus measures by central banks, which have been abundant in recent weeks as monetary policymakers scramble to cushion the economic blow from prolonged lockdowns around the world. "I think it's important to say now that the wind is very likely in gold's sails," Rick Rule, president and CEO of Sprott, a U.S. investment manager specializing in precious metals, said in a note to investors Thursday, suggesting that the macro factors strongly favor gold.
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