Gold prices soar amid surge in COVID-19 cases

Gold prices soar amid surge in COVID-19 cases

Gold prices surged to their highest in almost 8 years on Wednesday as global shares showed signs of slowing amid the number of rising COVID-19 cases reeled in caution.

Spot gold gained 0.2% to 1,770.92 per ounce after it had reached a record $1,773.00, its highest since October 2012 during early trade in Asia.

Meanwhile, global shares last traded 0.3% lower and have remained unchanged for the past few weeks. It previously rose more than 40%, rapidly recovering from lows in March as investors hoped that the worst of the pandemic was now behind them.

European stocks last trade 1% lower, while E-Mini futures for the S&P 500 reclaimed lost ground to gain 0.1%.

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