Gold price hits record high amid fears over #coronavirus crisis
Gold prices have soared to a record high, with investors rushing to find safe places to park their money as concerns grow about a resurgence in the coronavirus and the impact that could have on the global economy.Gold hit $1,944 per ounce earlier on Monday, beating its previous record of $1,921 set in 2011. It has now gained about 27% so far this year. Silver also got a boost, climbing more than 6% to reach $24.21 an ounce, eclipsing Thursday's seven-year high."Gold is the clear beneficiary of safe haven demand," Stephen Innes, chief global markets strategist at AxiCorp, said in a research note.
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