FEARS PUSH PRICE TO ALL-TIME HIGH

THE price of gold has rocketed to a record high amid fears about the state of the global economy.

The precious metal was up another 2 per cent yesterday to hit an all-time high of $1934 (£1511) an ounce, tantalisingly close to the psychologically key $2000 level.

Gold is seen a “safe haven” for investors in troubled times. Its price has jumped 53 per cent over the past 14 months.

The new spike has been fuelled by tensions between the US and China, and the risk to the global economy from Covid-19.

Analysts said the slide in the rival safehaven dollar was the tipping point for gold’s latest surge, with the greenback plunging to a two-year low.

Russ Mould, investment director at City firm AJ Bell, said: “The precious metal has seen a strong rally this year thanks to considerable economic uncertainty, ongoing geopolitical tensions in various parts of the world and a global pandemic.”

Silver joined the rally, jumping 5.5 per cent to $24, its highest since late 2013.

Carlo Alberto De Casa, chief analyst at online trading firm ActivTrades, said: “While currencies can be printed, the finite nature of gold and silver makes them better stores of values at these times of uncertainty.”

Oak Furnitureland is set to shut 27 of its 105 stores just a month after being rescued by a US hedge fund.

The cull is expected to lead to more than 160 job losses.

The move follows its acquisition by Davidson Kempner Capital Management, which makes its money investing in the debt of troubled companies and sectors.

Oak Furnitureland boss Alex Fisher said: “We are committed to driving forward a plan for our future growth.”