Gold rises as safe haven amid economic turbulence
Gold prices carried gains well from the previous session and regained its status as a safe-haven commodity as the COVID-19 pandemic continues to disrupt global economy.
Gold Futures reached record levels on Monday and rose by 0.35% to $1,797.6 per ounce at 9:25 PM ET (2:25 AM GMT). The rise comes as investors subscribed to the precious metal amid fears brought about by worsening economic news.
On Thursday, the United States reported that over 16 million people had claimed unemployment since March 21 after the pandemic severely affected companies and businesses.
Over the unemployment claims, the U.S. Federal Reserve bank announced a massive $2.3 trillion stimulus package to stave off a recession.
The economic news proved to boost gold prices as uncertainty in equity markets saw it as a safe-haven commodity.