Gold strikes another record high, equity markets struggle with mounting virus fears
LONDON: Gold rates chalked up another record peak on Tuesday before pulling lower as the dollar clawed back earlier losses, while equity markets struggled with mounting coronavirus fears, dealers said. With worrying new spikes in infections in Asia and Europe — on top of the already-high new US cases — forcing governments to impose strict COVID-19 containment measures, the global economic outlook remains clouded, putting the brakes on a months-long stocks rally. The virus uncertainty, combined with China-US tensions, has sent gold soaring nearly 30% this year — and, on Tuesday, it struck another record pinnacle at $1,981.27 per ounce in Asian trade. That smashed the previous day's peak but it later pared the advance to sit lower for the day. But observers say $2,000 could be broken as early as this week, with focus on the Federal Reserve's next policy meeting, which is tipped to see it unveil more easing measures to support the world's top economy. US second-q...