Price of Gold Set a Record
OREANDA-NEWS. The price of gold rose by 1.9 % and reached 1,935 US dollars per troy ounce. This is evidenced from the trading data of the Commodities Exchange.
This is the highest price in the entire history of trading. The previous all-time record was set on September 6, 2011, when an ounce of gold was worth 1,920 dollars.
According to experts, in the context of the coronavirus pandemic, demand for precious metals is supported by large-scale monetary stimulus programmes for economies provided by central banks of the countries, negative rates on debt obligations of the United States, as well as the expected decline in silver production. Specialists note that investors use gold as a main defensive asset during political and economic instability. Some of them believe that in the near future, gold price may grow to 2 thousand dollars.