Gold prices shot higher again today as fears grew about a second wave of coronavirus and worsening economic conditions around the globe.
Spot gold was up 1.5% at $1,777.05 per ounce, its highest level since May 18.
Gold is seen as a safe haven during times of economic turmoil and has benefited as investors were unnerved after the World Health Organization reported a record jump in global infections of coronavirus on Sunday.
Meanwhile in Germany today the R number leapt again - from 1.79 to 2.88, official figures showed.
Gold is viewed by many as a hedge against negative yields, devaluation of currencies, an unexpected surge in inflation or deflation, poor economic performance and shocks in equity markets. Nevertheless many investors try to avoid it as it pays no interest.
Gold prices have risen 15% this year amid fears of a coronavirus-induced economic slowdown and unprecedented stimulus measures from governments and central banks globally.
Connor Campbell, at Spreadex, said: "Seemingly joined at the hip, at least this Monday, gold rose as Germany’s R rate crept past the crucial 1 level, people’s fears of a second wave emerging in Europe – as it seems to have done in China and the United States – causing them to flee to safer havens."
