Picture used for illustration.
With the United States recording 217, 263 positive cases of coronavirus and 5,148 deaths, residents are forced to stay at home and that decision has affected the economy.
For the second week in a row the U.S has recorded high jobless claims, increasing the fears of economic damage. The fear has pushed investors towards Gold and the price has jumped over 1% on Thursday.
Spot gold gained 0.9% to $1,605.60 per ounce by 10:49 am EDT (1449 GMT), while U,S. gold futures rose 2.4% to $1,629.20.
As more employers enforce the stay-at-home measures in order to curb the spread of coronavirus, the number of Americans claims for unemployment benefits has doubles from last week. It is estimated that 6.65 million people are unemployed.
The rise in the jobless claims have led to the fall of the U.S. stock indexes.
"The longer this thing drags out, the worse the situation will be in longer term. Gold is an asset that should do well through all this turbulence, all the money that is being printed to combat the effects of the virus and the interest rates being dropped to zero," Haberkorn said.
The pandemic has infected over 965,246 people across the world and killed over 46,906, and forced countries to ensure restrictions and lockdowns to combat the outbreak.
"We think that gold will likely continue to play an important role in investor allocations over the next few months given all the turbulence. However, volatility will remain quite high," said Edward Meir, analyst at ED&F Man Capital Markets in a note.
Indicative of sentiment, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.18% to 968.75 tonnes on Wednesday, their highest since October 2016.
Among other precious metals, palladium fell 1.1% to $2,191.31 per ounce, while platinum gained 1.1% to $725.08. Silver jumped 3.3% to $14.45 per ounce.
The global sliver market will be undersupplied for a third year in 2020 as investors are lured by decade-low prices, offsetting expected falls in its use by jewellers and industry, a report forecast.
It is unfortunate that the US-China trade war has entered a new phase at a time when the global growth itself remains shaky. Indications that negotiations would resume some time
World shares slipped off 21-month highs on Wednesday as the prospect of a US interest rate cut was offset by reports a Sino-US trade deal may be delayed,
Investors took a huge sigh of relief on Friday due to positive developments across the globe on Friday. Markets have swiftly reversed the sharp falls seen at the start of the week.
Dubai Chamber members who are trading with markets in Asia are faring better than expected despite business challenges brought forth by the (Covid-19) pandemic, a new report issued by Dubai Chamber of Commerce and Industry has revealed.
The Federal Tax Authority (FTA) asserted that its recent decision to postpone the final step of phase two of the Marking Tobacco and Tobacco Products Scheme until January 1, 2021, does not affect the first two steps that were already implemented, nor does it impact the Excise Tax rates.
The Umm Al Quwain Free Trade Zone Authority has taken a series of proactive steps to ensure business continuity for its existing investors who are battling the economic backlash. These welcome measures will lend a helping hand to SMEs and microbusinesses to overcome serious cash flow challenges in the next few months, retain their workforce and sustain their businesses.