Gold has rallied in 2020 as investors sought havens amid the economic downturn triggered by the outbreak, with the unprecedented monetary and fiscal stimulus sparking concerns about currency debasement. Worldwide holdings in exchange-traded funds have swelled to a record, aided by forecasts that prices have scope for more gains. Bullion’s advance this month means that it’s risen alongside risk assets including equities.

Futures rose as much as 1.1% to $1,732 an ounce on the Comex and traded at $1,726.40 at 8:44 a.m. in Singapore. Spot prices were steady at $1,711.47, up 8.5% in April. Two weeks ago, immediate delivery metal hit $1,747.36, the highest since November 2012.

In his remarks, Powell repeatedly called the policy stance “appropriate,” noting the Fed has promised to keep rates near zero until it is confident the economy is on track to achieve the central bank’s goals of maximum employment and price stability.

Investors were also weighing signs of progress in treating the virus after Gilead Sciences Inc. said its experimental drug helped Covid-19 patients recover faster. The Food and Drug Administration plans to announce emergency use authorization for the drug, the New York Times reported.

In other precious metals, spot silver and platinum have risen in April, while palladium is set for the biggest monthly loss since 2015.