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Gold prices hit record high on flight to safety

All News 17:04 April 13, 2020

SEOUL, April 13 (Yonhap) -- Gold prices soared to a record high on Monday as investors seek to park their money in safer destinations amid rising coronavirus uncertainties, data showed.

A gram of gold was priced at 65,340 won (US$53.67) on the local bourse on Monday, after hitting an intraday high of 66,190 won, according to the Korea Exchange.

The closing price marks the highest since the bourse operator launched the local gold market in March, 2014.

Market watchers attributed the surge in gold prices to growing investor appetite for safe-haven assets amid the economic fallout from the new coronavirus and market volatility.

Investors were concerned about the rising number of COVID-19 infections in major economies, despite signs of a slowdown locally, they said.

The South Korean currency closed at 1,217.90 won against the U.S. dollar, down 9.10 won from the previous session's close.

In contrast to the hike in gold prices, the benchmark Korea Composite Stock Price Index (KOSPI) decreased 1.88 percent to close at 1,825.76.

Gold prices hit record high on flight to safety - 1

jwc@yna.co.kr
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