Finance
15:58 5 August 2020
Post by: WBJ

Gold broke through magic barrier

Gold broke through magic barrier
Source: Pxfuel

The price of gold broke $2,000 per an ounce (28.3 grams) for the first time in history. Just a week earlier, gold broke the record levels of $1,800. and $1,900. The gold rally is the result of, among others, the weakening dollar and the policy of central banks.

Gold has increased by 24 percent since February. The price of gold had been rising for several months and analysts expected it to break through the $2,000 mark in 2020, however, they did not anticipate that it would happen so quickly.

ETFs investing in gold added 104 tonnes of the precious metal to their holdings in June alone. In the first half of the year, ETF resources increased by as much as 734 tonnes. As the World Gold Council points out, the coronavirus crisis has increased the demand for gold bars.

(Business Insider)

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