On Tuesday, the highest level was reached in about seven and a half years. At the top, one troy ounce (31.1 grams) of gold cost a good $ 1,767. This is the highest level since 2012. The record high of $ 1921, reached in 2011, is still a long way off.
Inspired by several sides
The precious metal is currently being inspired by several sides. On the one hand, investors are investing in the metal, also known as the crisis currency, because the uncertainty about the progress of the corona pandemic is high. Added to this is the tense relationship between the two world powers, the United States and China. Another factor that speaks for gold is the persistently low interest rate level in many countries around the world. Investments like gold that do not generate interest benefit from this. Another factor was added on Tuesday: a weak US dollar. As gold is traded in the American currency, a falling exchange rate is driving gold demand from countries outside the dollar area.