On Wednesday, Gold extended gains amid concerns over global economic activity. The yellow metal eyes record high, economists at ANZ Bank report.

Renewed concerns of weak economic activity

“US ADP jobs missed the market, while the US March Services Index fell. This led a flight to safety, with the yield the two-year Treasury down 18 bps at one stage. However, the USD also gained, which crimped Gold’s appeal to investors.” 

“Nevertheless, Gold remains in sight of a record high as investor seek safety on the back of elevated inflation.”