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Gold hovers near eight-year high as second coronavirus wave fears mount

Spot gold was up 0.2% at $1,769.76 per ounce as of 0234 GMT after touching $1,773, its highest level since October 2012 in early Asian trade.

June 24, 2020 / 12:26 PM IST

Gold prices climbed to its highest level in nearly eight years on Wednesday, as demand for the safe-haven asset was boosted by worries over a surge in coronavirus infections and hopes of more stimulus measures to combat the economic blow.

Spot gold was up 0.2% at $1,769.76 per ounce as of 0234 GMT after touching $1,773, its highest level since October 2012 in early Asian trade.

U.S. gold futures rose 0.2% to $1,785.80.

"The fears of second wave cases particularly in the U.S., and also in Latin America is driving concerns about sustained weakness in the economic recovery and that's certainly supporting safe-haven assets like gold," said ANZ analyst Daniel Hynes.