Gold prices hit $US2000/oz

Gold has traded above $US2000 ($2805), another record high for the precious metal, before settling just below this peak.

CNBC listed a price high of $US2009.50 for the day, while the low was $US1987.80, before prices settled at $US1992.20.

Australian mid-tier copper-gold producer Sandfire Resources had the third highest increase in share prices for the day, with an increase of 3.17 per cent to $4.88 per share, behind super and investment solution company Netwealth and cement manufacturer Adbri (Adelaide Brighton).

Reuters cited the record highs to the US dollar softening emerged as coronavirus cases continued to surge across the United States to a total of 4.6 million cases.

It also reflected that Asian shares made a “cautious start” to the new month, with Chinese gold dealers forced to offer the “steepest ever” discounts last week as demand plunged.

“The dollar index held close to more than two-year low against its rivals, making gold less expensive for holders of other currencies,” Reuters explained.

“Spot gold was up 0.1 per cent at $US1976.47 per ounce by 00:28 Greenwich Mean Time, after hitting a record high of $US1984.66 in early Asian trade.

“The United States is in a new phase of the novel coronavirus outbreak with infections extraordinarily widespread, lifting demand for the safe-haven metal.”

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