The price of gold has surged to fresh all-time highs amid corona virus pandemic-related concerns and US-China tensions.

Spot gold increased by 1.5% to $1,928.83 per ounce by 03:06 GMT on Monday, with US gold futures surging 1.4% to $1,924.20.

 This came as the dollar plummeted to a near two-year low against major currencies amid increasing tensions between Beijing and Washington which saw the two sides ordering the closure of their consulates in Chengdu and Houston. 

Confirmed COVID-19 cases have, meanwhile, climbed to more than 16 million globally, with over 648,900 fatalities.

The US remains the country with the most cases (over 4.2 million) and the highest corona virus death toll (over 146,000), according to Johns Hopkins University.

Gold Prices on Increase

Monday’s record gold prices were preceded by a rise last week, when the price of the precious metal on the New York Mercantile Exchange and Commodity Exchange (COMEX) surged to $1,904 per troy ounce, eclipsing a previous record set in September 2011.

In mid-July, prices for the precious metal lost nearly one percent, dipping below the key $1,800 level amid the “wait-and-see” stance adopted by the European Central Bank.