Gold soared to an all-time high on Monday as worsening diplomatic ties between China and the United States rattled investors and fired up demand for the safe-haven metal.

In Oman, the 22-carat gold was traded for RO23.35 per gram at 9.35 am on Monday while the 24-carat was sold at RO24.45 per gram.

Gold rose 1.6% to a record high of $1,943 per ounce, surpassing a peak touched in September 2011, as Sino-U.S. tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing around the world since the pandemic plunged the global economy into a recession.

SOURCE: OMANOBSERVER