Gold Prices Soar as Investors Flock to Safe-Haven Assets

Gold prices have reached record highs as investors turn to safe-haven assets amid escalating tensions between the US and China, and concerns over a second wave of coronavirus outbreaks.

The price of gold hit $2,073.41 per ounce in international markets on August 7, 2020, driven by investors seeking to hedge against systematic risks and non-systematic risks.

Warren Buffett's Berkshire Hathaway has invested in gold miner Barrick Gold Corp for the first time, signaling a significant value placed on the yellow metal by the legendary investor.

The VanEck Vectors Gold Miners ETF (GDX) has surged over 39.20% in the past 52 weeks, outperforming physical gold prices by around 50%.