Gold hit $2,000 an ounce on Tuesday, a milestone that caps a record-breaking rally driven by depressed bond yields and fears over the impact of Covid-19 on the global economy.
The 32 per cent rally this year has made gold one of the world’s best-performing mainstream assets, reflecting concerns among investors over the sustained number of coronavirus cases, particularly in the US, and the impact of trillions of dollars of stimulus from governments and central banks around the world.
The surge in the price of the precious metal, often used as a haven in times of stress, stems in part from investor demand for gold-backed exchange traded funds, holdings of which have risen to record levels.
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