Gold prices moved higher on Tuesday, rising for a fourth successive session, supported by a weaker dollar and continued concerns about the economic impact of the coronavirus pandemic.
The dollar index dropped to a low of 96.91, losing nearly 0.5%.
Gold futures for June ended up $7.50, or about 0.4%, at $1,768.90 an ounce, the best close since October 2012.
Prices rose to a high of $1,788.80 in the session, hitting their best levels in 7-1/2 years.
Silver futures for May ended up $0.593 at $16.130 an ounce, while Copper futures for May settled up $0.270 at $2.3295 per pound.
Although the virus infection curve is reportedly flattening in several hot spots across the globe, worries remain about the economic impact of the outbreak.
More central banks and governments, are very likely to announce more stimulus plans to revive the sagging economies.
The latest World Economic Report from the International Monetary Fund says the global economy is set to contract 3% this year, due to the lockdowns imposed by countries across the world to slow the spread of the coronavirus, or Covid-19, pandemic that has claimed thousands of human lives.
The lender expects the global GDP to grow 5.8% next year. These projections are based on a scenario that assumes the pandemic will fade in the second half of 2020 and the containment measures can be gradually unwound as economic activity normalizes.
"The risks for even more severe outcomes, however, are substantial," the IMF warned. "It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago," IMF chief economist Gita Gopinath said in the foreword to the report.