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Gold prices hit a fresh record on Monday, as investors continued to fret over the state of the Covid-19 battered global economy and amid concerns over the sticking power of stock gains.
August gold GC00, +1.73% GCQ20, +1.73% surged $32.10, or 1.7%, to $1,929.50 an ounce. That took it past the record most-active intraday level of $1,923.70 an ounce from Sept. 6, 2011.
On Friday, the contract climbed $7.50 to settle at $1,897.50 an ounce on Comex, after trading as high as $1,904.60. That action took out a most-active contract settlement record of $1,891.90 from August 22, 2011, based on records going back to November 1984, according to Dow Jones Market Data.
Last week, prices rose 4.8%, the biggest weekly percentage climb since the week ended April 9 and some analysts say the never-before-seen level of $2,000 an ounce is within reach. U.S. stocks closed lower Friday, with the heavy Nasdaq Composite COMP, -0.93% marking its first back-to-back decline since mid-May.
The September silver contract SIU20, +6.38% climbed $1.39, or 6%, to $24.35 an ounce.
In an abrupt move over the weekend, the U.K. put Spain back on a list of countries it deemed unsafe for travel as the country struggles to get a grip on a resurgence of the virus, notably in the Northeast region of Catalonia. U.K. travelers must now isolate for 14 days upon return from Spain, with a similar move coming from Norway, while France and Belgium have also advised against travel to the country.
Gold has also gain on rising tensions between China and the U.S. The U.S. says it has closed its consulate in Chengdu, China, a move ordered by Beijing after the closure of the Chinese consulate in Houston last week.
