Gold likely to reach US$1,800

WITH most countries around the world still in an extended lockdown as part of a systemic measure to prevent the spread of Covid-19, the novel coronavirus has made its mark as the single most disruptive global event in recent history.

The struggling economy has led to loss of jobs, highlighted by the 3.1 million jobless claims in the US in the week of May 7, 2020. While the number has decreased compared to previous weeks, it is still larger than any that has been reported in this current millennium.

This resulted in gold prices resuming their upward trend as turmoil and economic gloom continue to pervade most industries, causing investors and retailers to continue seeking safe-haven assets in a bid to shore up their risks.