The coronavirus-related spending splurge is expected to power global debt to a record high of $227 trillion by the end of December, according to a report by the Institute of International Finance.
The debt has already ballooned by $15 trillion this year to $272 trillion through September with governments from advanced nations accounting for nearly half of the increase.
Most observers foresee a rise in inflation due to increased spending. As such, the record debt is considered bullish for hard assets such as gold.
The yellow metal is currently trading at $1,867, representing a 23% gain on a year-to-date basis. The metal clocked a record high of $2,075 on Aug. 7.
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