Gold prices surged to highest 8 years as coronavirus flare unnerves investors

Gold prices surged to their highest in nearly eight years on Wednesday, while global shares cooled as signs of an acceleration in coronavirus cases kept investors on edge.

Fuelling concerns about the prospects for an economic recovery was data showing several U.S. states seeing record infections and the death toll in Latin America passing 100,000, according to a Reuters tally.

Against a backdrop of concerns over a weaker U.S. dollar and that a jump in infections will lead to more stimulus measures, gold should remain on a reasonably constructive path.

The euro traded flat at $1.1307.

The dollar regained some ground after two straight days of losses, gaining 0.1 percent.

Oil prices were down as record high inventories and worries about a second wave of the pandemic outweighed support from a gradual reopening of global economies.

Brent crude was down 1% at $42.20 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 1.4% to $39.81 a barrel.

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