Gold closes at highest level since December 2012

Gold futures surged on Monday, lifted by strong safe-haven demand amid dim outlook for the global economy and the US GDP.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year.

Yellen added that the current US unemployment rate is by 12% or 13%, which reflects the severe economic impact of the coronavirus.

The dollar index rose by 0.1% to 100.6 points as of 18:14 GMT, after it hit a high of 100.9 and a low of 100.4.

Gold futures (due June) rose 2.9% or $48.2 to close at $1,693.9 an ounce, with a day high of $1,698 and a low of $1,638.2.