Several political and Covid-19-induced factors have resulted in the current gold rally, with the gold price having surged 12% in July and reaching new record levels that have been carried into August with gold tearing above $2 000/oz, says Refinitiv precious metals research director Cameron Alexander.
He says the current trend in the gold price is being driven by its safe-haven appeal as a result of the worsening economic conditions brought about by the Covid-19 pandemic.