Monday, May 17Inside Business Africa
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Tag: AxiCorp’s Stephen Innes

Gold hits new high; equities struggle on virus fears

Gold hits new high; equities struggle on virus fears

Business
Gold chalked up another record peak on Tuesday before pulling lower as the dollar clawed back earlier losses, while equity markets struggled with mounting coronavirus fears, dealers said.With worrying new spikes in infections in Asia and Europe — on top of the already-high new US cases — forcing governments to impose strict COVID-19 containment measures, the global economic outlook remains clouded, putting the brakes on a months-long stocks rally. The virus uncertainty, combined with China-US tensions, has sent gold soaring nearly 30 percent this year — and on Tuesday it struck another record pinnacle at $1,981.27 per ounce in Asian trade. That smashed the previous day’s peak but it later pared the advance to sit lower for the day. But observers say $2,000 coul...