Gold soars on global uncertainty; shares sink

The S&P/NZX 50 Index fell 14 points, or 0.1 percent, to 11,757.72. Within the index, 21 stocks fell, 18 rose, and 11 were unchanged. Turnover was $114.7 million.

Gold prices hit yet another all-time high today, breaking through US$2,000 an ounce, while the yield on the 10-year US Treasury bond hit a record low at 0.51 percent.   

“Clearly, investor uncertainty about the global economic outlook is growing rather than receding,” said ASB economist, Mike Jones.

Covid-19 was far from under control globally, but fiscal stimulus was already starting to fade in the United States where the virus is on the rise, he said.