Gold prices move closer to $1,800 as COVID-19 cases surpasses 10 million worldwide

Gold prices last traded closer toward $1,800 per ounce, making it the highest level reached since late 2011 as demand for the yellow metal surged amid worries over the growing COVID-19 cases worldwide.

According to data from Johns Hopkins University, virus-related deaths have reached over 500,000 worldwide with the number of confirmed cases exceeding almost 10 million.

The yellow metal has gained over 17% in 2020 so far as governments and central banks roll out stimulus packages in a bid to soften the economic blow of the pandemic. Investors have flocked to the safe-haven asset as Goldman Sachs Group Inc projected gold to reach $2,000 per ounce in 12 months.

Gold futures on the Comex gained as much as 0.6% to $1,790.40 per ounce, its highest in nearly half a decade. At 6:20 AM, gold futures traded at $1,788 per ounce in Singapore.

Investors are currently supporting bullion-backed exchange-traded funds, with global holdings reaching an all-time high.