Gold can be again called the best safe-haven asset. The precious metal hit a new 8-year high. At the beginning of the coronavirus outbreak, gold was sliding despite being the safest asset. However, the situation improved soon. Gold prices were advancing together with increasing concerns about the virus negative impact on the global economy. The climb was also triggered by a cheap US dollar. Usually, a dropping dollar makes US dollar-denominated commodities more attractive for buyers. During the US trading session, gold futures for June delivery jumped by 1% to $1,711.4 per troy ounce thus reaching the highest level since the end of 2012. Other precious metals also gained ground. Thus, for the same period of time, silver recouped its losses and rose to $15 per ounce. Some experts suppose that gold and other commodities may extend rally amid widespread printing of money by governments all around the world. Besides, lower volatility in the currency market and trend reversal on stock exchanges allowed gold to climb by $220 or 13% in just more than two weeks.
