GOLD's recent spectacular ascent as prices eclipsed September 2011's record high and eye the US$2,000 an ounce key mark, underscores an ominous call - for the world to brace for another torrid half year given the relentless Covid-19 pandemic.

It also signals that a vaccine - despite recent hopes - remains elusive.

Bulls have hogged the precious metal in a highly volatile and uncertain backdrop, even as the appeal of gold's safe-haven peer, the US dollar, fades as real rates fall into the negative territory and more stimulus is afoot as economic prospects dim amid the virus resurgence. (The prevalence of negative real yields on the US curve led by massive money printing has debased the US dollar and turned yieldless precious metals like gold and silver more attractive, hence fuelling these commodities' rally.)