Gold prices are the highest in history
Gold prices have been rising for months. Analysts have been saying that the price of gold per ounce will rise to 2,000 this year. But this July, the price of the product continues to jump. Two to three days ago, it was predicted that the price of gold would break all previous records this week. But on the first working day of the week, the price of gold rose to 1,944.61 points per ounce, reaching the highest level in history.
Before the start of trading on Monday morning, the price of gold per ounce rose to 1,931.11 points. This is 10 points behind the previous record, which was on September 6, 2011. On that day, the price of gold per ounce rose to 1,923.70 dollars. Gold traded at 1,942 an ounce at the time of this report at 9:15 last night. As a result, the price of gold in the international market has risen by about 30 percent so far this year.
Meanwhile, the price of silver also recorded yesterday. Yesterday, the price of silver per ounce rose to 24.33 dollars. Earlier, in September 2013, the price of silver rose to 23.64 per ounce, a record that was broken yesterday after six years. So far this year, the price of the product has risen by 36 percent. The price of silver is expected to rise to 30 soon.
In the international market, gold and silver are priced in ounces. One ounce of gold is equal to 31.103 grams.
Gold prices hit 1,945 an ounce and silver prices hit 24 an ounce
Coronavirus effects, tensions between the United States and China, global stock market volatility, the weakening US dollar exchange rate in the international currency market and political uncertainty in the Middle East have prompted investors to buy gold known as ‘safe havens’. In addition, large-scale financial recovery packages from the European Union (EU) and the United States are also contributing to the rise in gold prices. Thus, as the demand increases, so does the price of gold and silver.
But there is no disagreement among analysts as to where the price of gold will stop, but they have all been saying in unison for a few days that the price of gold will soon rise to 2,000 per ounce.
But Commonwealth Bank of Australia mining and energy products expert Vivek Dhar added another 500 to the price of gold yesterday. "The price of gold per ounce will exceed 1,500," he said. He believes that if the United States lowers interest rates to zero percent or less, such a situation could arise.
Investors now see gold as a "safe haven" because of the effects of the ongoing global epidemic Covid-19 or the second phase of the coronavirus, new tensions between the United States and China, political uncertainty in the Middle East and the depreciation of the US dollar against major currencies. As a result, the demand for the precious metal product has increased at a huge rate.
We think that if the current trend continues, the price of gold will rise to 2,000 per ounce in a few months. But the big question is, then where does the price of gold go in reality. He added that if interest rates in the United States fall below zero percent, the price of gold per ounce will rise to 2,500.
Joshua Robert, the managing partner at J. Robert & Co., thinks gold prices will exceed 2,000 this year. He said investors are now panicking over the coronavirus infection and the weakness of the global economy. They are terrified. So they are crowding the gold market.
"Gold prices have risen to 2,000 an ounce due to financial and fiscal easing, the global recession, unemployment, and the inability of governments to cope," said Joshua Robert.
According to data compiled by Johns Hopkins University, coronavirus infections are currently occurring in 215 countries around the world. The number of people affected is more than 16 million. And 6 lakh 46 thousand people died.
According to the World Gold Council, the world produces between 2,500 and 3,000 tons of gold a year. But if new mines are not discovered, gold reserves in the mines will be depleted within the next 20 years. Because 80 percent of the stock has already been lifted. Sources: AFP, CNBC, TradingEconomics, GoldPrice.org.
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