Wednesday, October 28

Gold hits record high amid US-China tensions, Covid-19 pandemic

The gold price surged to a record high on Monday, fuelled by the novel coronavirus pandemic and geopolitical tensions between China and the United States. 

The new high of 1,944.71 dollars per troy ounce (31.1 grams) – compares to a previous record of 1,921 dollars. 

In addition to persistent global economic uncertainty amid the pandemic, renewed tensions between China and the United States prompted a flight to safe haven assets such as gold and the Japanese yen, analysts said. 

Financial markets in Japan were closed on Thursday and Friday due to public holidays. 

But the yen surged 1.3 per cent to 105.5 yen against the dollar later on Monday, the highest level since mid-March. 

Japan’s benchmark Nikkei 225 Stock Average lost 35.76 points, or 0.16 per cent, to close at 22,715.85 as some export-linked stocks were hurt by a stronger yen. 

Meanwhile, Taiwan shares soared 2.31 per cent to end at a record 12,588.3 points after shares in the Taiwan Semiconductor Manufacturing Company, the world’s largest contract chip maker and a supplier to Apple, jumped the 10-per-cent daily limit. 

The United States consulate in Chengdu, China officially closed on Monday morning to meet the evacuation deadline set by Chinese authorities on Friday, state media reported. On July 24, Chinese authorities ordered the consulate to stop all activities, giving them three days to close in retaliation for the closure of China’s consulate in the Texan city of Houston last week.

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