Gold prices surged to new all time record highs in euro terms to reach €1,456 an ounce today as the single currency came under selling pressure.

Gold's record highs are due to safe haven demand on the back of a weaker euro due to the slowing German and euro zone economies.

Investors are also concerned about the impact of a slowing global economy on risk assets.

Gold prices are up over 7% in euro terms so far in 2020, building on the 22.7% gains seen in 2019, according to Goldcore. 

The precious metal is also consolidating near seven year highs in dollar terms as investors assess the risks to an already vulnerable debt saturated global economy from the coronavirus epidemic.

This week, gold bullion has so far gained 0.4%, silver is flat, platinum is up 0.7% higher while palladium has surged another 7%.