Gold soars to record high; some see correction soon

Singapore

GOLD prices passed the US$2,000 per ounce threshold on Wednesday - a new record for the precious metal. With this, gold has now rallied over 30 per cent this year as the economic stress of Covid-19 continues to weigh on investor sentiment. But some market watchers are warning that a price correction is due.

"The angst of what lies ahead is driving the US yields lower and propelling gold higher," said Stephen Innes, AxiCorp's chief global market strategist.