FXStreet reports that gold prices rose above $1,700/oz to their highest level since 2012 as investors seek safe haven amid the global pandemic, per ANZ Bank.

"Concerns about economic growth and high levels of debt continue to support gold."

"The latest wave of buying was sparked by the announcement last week that the Fed will invest up to $2.3trn in loans to aid small and medium sized business, as well as local governments. This is on top of the massive stimulus that they had already announced."

"Investors are also getting increasingly concerned about the impact of COVID-19 on emerging markets."