Gold futures leaped as much as 1.5% on Monday as surging coronavirus cases pushed investors into the popular hedge bet.
The rally drove contracts for August delivery to $1,779 per ounce at intraday highs, the precious metal’s highest level since 2012. Gold now trades roughly 15% higher year-to-date.
Investors typically rush to gold as they grow more worried of a stock market rout. An uptick in coronavirus cases throughout the US sparked new fears of a longer-than-expected recession over the weekend. Florida recorded three straight days of record-high case counts, while North Carolina, Texas, and Arizona posted similarly dire testing data.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.