Gold prices jumped to record highs on Monday as an intensifying U.S.-China row hammered the dollar and cemented expectations that central banks would continue pumping out stimulus to ease the economic pain from a worsening coronavirus pandemic.
FILE PHOTO: Gold bars are displayed at South Africa's Rand Refinery in Germiston in May 30, 2006. REUTERS/Siphiwe Sibeko/File Photo
“And as long as the gets worse, the market is discounting more stimulus for a longer period of time and in bigger quantities, and all of that is bullish for gold,” he added. The COVID-19 outbreak also continued to worsen, with more than 16.13 million people cases globally and 644,836 deaths, driving expectations of more stimulus globally to ease the economic blow.
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