thewealthnet

Gold price hits record high on confluence of factors

News Team, 28/07/2020

Gold prices reached a record high yesterday buoyed by extraordinary monetary policy and a weakening US dollar.

The gold spot price peaked at just over $1,945 an ounce yesterday (27 July), well ahead of the previous record set in September 2011, of $1,921.

The value of the safe haven asset has already risen more than 25 percent this year, and had a further boost over the last week due to concern over China-US trade tensions and a fall in the value of the US dollar.

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