Gold rose to record levels today as the rift intensified between the United States and China, while a weak dollar pushed investors to seek refuge in the yellow metal, a safe haven, in the face of risks to the global economy, which is suffering from the Covid-19 pandemic.
And gold rose in spot trading 1.6 percent to 1931.50 dollars an ounce by 0627 GMT, after setting a record at 1943.93 dollars. And gold gained in futures trading in the United States 1.6 percent to 1927.50 dollars.
Silver joined the bullish trend and jumped more than 6 percent to $ 24.36, the highest level since September 2013.
Sony Kumari, commodities strategist at ANZ, said gold was "in an excellent position to move up" amid the virus crisis and central banks were seeking liquidity.
"It gets more support from lower yields, a weaker dollar, and geopolitical tension between the United States and China. The demand for (gold) safe havens is increasing while there is no longer a demand for the US dollar," she added.
The US currency fell to its lowest level in nearly two years with increasing bets that the Federal Reserve will signal another policy shift towards easing when it meets this week, which includes keeping interest rates low for a longer period.
Platinum rose 2.1 percent to 933.07 dollars, and palladium gained 1.4 percent to 2250.47 dollars.