Uncertainty pushes gold price to record, over $1,930 per oz

Cover Image
Photo credit FILE - In this April 16, 2020, file photo, a Thai shopkeeper adjusts his face mask at a gold shop in Bangkok, Thailand. The price of gold surged more than $30 on Monday, July 27, 2020 to over $1,926 per ounce as investors step up buying of the precious metal often sought in times of uncertainty. Gold was trading at $1,926.20 by early afternoon in Asia, up 1.5%, after surging over the weekend. (AP Photo/Sakchai Lalit, File)
By The Associated Press

BEIJING (AP) — The price of gold surged to a record above $1,934 per ounce on Monday as investors moved money into an asset seen as a safe haven amid jitters about U.S.-Chinese tension and the recovery from the coronavirus pandemic.

It added 2% percent after breaking its 2011 record high price on Friday, when it closed at $1,897.50 on the New York Mercantile Exchange.

As of 8:35 GMT on Monday, it was at $1,934.60 per ounce and had traded as high as $1,938 per ounce.

Prices of gold and silver have jumped as rising infection numbers and job losses in the United States and some other economies fuel concern the recovery from the virus and the worst global downturn since the 1930s might be faltering.

Precious metals, along with bonds, often are seen as stores of value when financial markets decline. Forecasters watch their prices as an indicator of how investors see the economic future.