Gold prices stabilized above the important level of $ 1,800 an ounce on Thursday, as concerns about increasing cases of Covid-19 exceeded hopes for a rapid global economic recovery.
There was little change in gold in spot transactions, as the price of the precious metal reached $ 1812.20 an ounce by 05:36 GMT, after rising yesterday to its highest level since September 2011.
Meanwhile, US gold futures rose 0.2 percent to $ 1823.20.
“The dealers are somewhat overwhelmed, after the metal has crossed the $ 1,800 level, but no one seems to be anxious to abandon these trades yet,” said Edward Moya, chief market analyst at Brokerage Oanda.
He added: “Gold seems to be heading towards a strong rally, whether in the short or long term, it has enough incentives to go to a record level before the end of the year.”
The number of infections in the world with the Corona virus exceeded 12 million today, with over half a million deaths.
In keeping with fears of the economic repercussions of the pandemic, officials at the Federal Reserve (the US central bank) indicated on Wednesday that the recovery in the largest economy in the world may falter.