Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as a hedge against inflation.
The most active gold contract for June delivery rose 8.6 U.S. dollars, or 0.49 percent, to close at 1,761.4 dollars per ounce.
This is the second trading day in a row for gold to stand at the highest price in more than seven years.
Investors are moving to gold as a safe haven currency as the market is flooded with cash from central banks around the world as governments support their economies, amid the effects of the coronavirus lockdown which in recent days has caused economies, equities, and currencies to devalue.
Gold also found support as the Dow Jones Industrial Average fell by 464.75 points, or 1.96 percent to a 23,254.62 level as of 17:50 GMT.
The U.S. Dollar Index fell by 0.13 points or 0.13 percent to a 99.39 level as of 17:50 GMT, lending additional support to gold.
Investors are waiting for the release of the retail sales, industrial production, and capacity utilization reports for March due on Wednesday, and the weekly jobless claims report due on Thursday.
Silver for May delivery fell 51.6 cents, or 3.21 percent, to close at 15.537 dollars per ounce. Platinum for July delivery rose 1.2 dollars or 0.16 percent, to close at 749.8 dollars per ounce. Enditem
