Gold Settles at New All-Time High

Gold prices closed higher on Friday at a new record level, supported by increased demand for safe haven, which is driven by rising US-China tensions and the increasing number of COVID-19 cases in many countries.

Today, gold futures for August were trading as high as $1,900 an ounce, but then settled at $1,897.50 per ounce, increasing by 0.4% and breaking its previous record closing level set in August 2011.

This is marked the sixth consecutive daily increase, leading to weekly gains of 4.83%.

The yellow metal has been on an upward trend for seven weeks in a row.