The price of gold continues to rise, reaching its highest level in seven years amid ongoing concerns that the coronavirus pandemic will have devastating effects on the global economy and increasing demand for asylum assets.

Gold price is rising due to coronavirus pandemic, which sent many economies across the world into recession and forced institutions to release huge incentives. And after being hit by a massive sellout a month ago, the precious metal is enjoying a strong recovery.

Gold futures are now targeting 1,800 USD per ounce, after trading about 1,400 USD less than four weeks ago. The spread over the spot price remains wide.

Today, the price of gold rose by 0.5% to 1,770.30 USD per ounce.

“Risk sentiment is becoming more prudent and investors are fleeing to perceived assets as a refuge against the backdrop of the virus situation and large-scale money-printing activities”, said analysts at CMC Markets Singapore Pte.

On the New York commodity market, gold has risen 17% since the beginning of the year, 10% less than the record set in 2011. During today’s trading, gold futures reached a price of 1,785 USD per ounce, its high level since October 2012.

Banks, among which the UBS Group has increased its price targets for the precious metal, relying on the eased monetary policies and incentives as a whole, as well as low-interest rates, will support growth. At the same time, with the start of the new reporting season, investors will expect to understand just how severe the pandemic’s impact on profits is and what this quarter will look like.

The latest rise in gold is a fact, despite the data that the rate of spread of coronavirus infection is slowing, with the focus now shifting to when and how stringent measures to curb people’s movement and work can be eased. Earlier Monday, US President Donald Trump said he had “total” power to allow individual states to ease social distance measures and rebuild the economy.

Growth is also observed in other metals. The price of silver jumps by over 2.6%, the price of platinum by nearly 1.7%, and palladium rises by nearly 0.85%.