The gold price went up to a record level of $1944.71 per troy ounce (31.1 grams) on Monday. Earlier in the day a price of 1923.20 was already achieved. The 2011 record of $ 1921.17 has been broken.
The price of gold has risen sharply since the outbreak of the coronavirus and the record level of September 2011 has been in sight. Friday, the price went up to over $ 1,900 a troy ounce. The rise in the price of gold has many causes and psychology is one of them, specialists and analysts say.
In recent times, the price of gold has made a strong advance, as investors are looking for safe havens to invest in because of the uncertainties surrounding the COVID. The price is also helped by global economic incentives, such as interest rate reductions. China-US tensions are facilitating the demand too.
Investments in gold are considered as protection against depreciation of currencies. The increasing tensions between China and the United States also increase the interest in precious metals. For example, the price of silver is very high.