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5/15, 2:49 PM (Source: TeleTrader)
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Gold hits all-time high against euro

The price of gold reached a record high against the euro on Friday, topping 1,612 per ounce for the first time after it jumped 0.64% as investors turn to safe-haven assets since the deterioration of the relations between the United States and China. Also, investors are estimating that the economy would take longer to recover due to COVID-19 impact on the global economy.

Today's data were also discouraging. Seasonally adjusted advance estimates of retail and food services sales for March in the United States dropped 16.4% while the seasonally adjusted gross domestic product (GDP) in the euro area decreased by 3.8% in the first quarter of 2020.

At 6:48 am ET, gold traded 0.41% higher to sell for €1,608.2850 per ounce.

Breaking the News / TF