Gold prices rise to a record high Monday as the precious metals is perceived as a safe-haven investment.TONY OWUSU1 HOUR AGO
Shares of gold miners rose Monday as gold prices set a record high with the precious metal hitting $1,944 an ounce Monday, beating the previous record of $1,921 it set in 2011.
At last check, gold was trading at $1,927.60, up 1.59%.
Investors moving to gold is a tell-tale sign that investors are troubled by the state of the economy as the yellow metal is traditionally seen as a safe-haven investment.
Gold prices have risen about 27% this year.
Here’s how some of the biggest gold stocks were trading Monday as gold prices set a record.
Barrick Gold (GOLD) – Get Report shares rose 4% in premarket trading to $29.60 Monday while Newmont (NEM) – Get Report gained 3.3% to $68.96, Kinross Gold (KGC) – Get Report gained 5% to $8.84, Yamana Gold (AUY) – Get Report rose 7.95% to $6.80 and Eldorado Gold (EGO) – Get Report gained 6.8% to $12.80.
Falling dollar prices also have played a role in propping up gold prices. August gold futures contracts on the COMEX go into delivery at the end of the week. Investors holding a long position on gold must sell that position if they don’t want to take delivery by the end of the week.
The dollar fell to a near two-year low vs. other major world currencies after the U.S. closed a Chinese consulate in Houston and China in turn closed a U.S. consulate in Chengdu.
Gold prices were climbing also due to sentiment surrounding the coronavirus as more than 16.26 million people globally have contracted the disease and nearly 650,000 have died.
Other metals like platinum and silver also were rising on Monday.