The gold price is at the highest level in nine years. For the first time since 2011, you're paying over $ 1,800 per troy ounce. That is converted 1,589 euros. The advance of the gold price is a direct result of the corona crisis.
Gold prices have been rising for over a year, partly due to global trade tensions. Investors therefore fled to gold last summer.
Since a few months there has been even more economic uncertainty due to the corona crisis. Gold is a safe haven for investors in times of unrest. Gold was also in high demand during the financial crisis.
In addition, investors fear inflation because central banks lower interest rates. As a result, other goods lose value and yields on government bonds are lower, making gold more attractive to buy.
It is not inconceivable that the gold price in the coming months will pass the record price of $ 1,920.30 per troy ounce. That record was set in 2011. "We may even hit $ 2,000 by the end of this year," independent expert Ross Norman told Reuters news agency .