Gold prices hit a record high in nine years, reaching $1,818 per ounce

As investors flocked to safe-haven assets, the price of gold soared to a nine-year peak last Wednesday, reaching US$1,818 per ounce. Throughout history, gold has generally been regarded as a safe-haven asset and usually performed well when other currencies or commodities underperformed. One of the reasons for the soaring gold this time is the risk aversion demand caused by the New Crown epidemic and the economic and trade war. According to Ray Dalio, the founder of Bridgewater Associates Hedge Fund, investors prefer stocks and gold to bonds and cash because of the presence of printed banknotes and negative yield bonds by governments.