Gold and silver prices are approaching record levels due to the uncertain situation surrounding the coronavirus and other factors. The spot price was above $ 1,900 (about 1,633 euros) per troy ounce on Friday and the silver price rose the strongest on a weekly basis since 1987.
The current level of the gold price is the highest in eight years. The record $ 1,921 in September 2011 is getting closer.
The silver price has recently lagged behind that of gold, but is now fully participating in the advance. A troy ounce of silver now costs $ 22.79, the highest price since 2013.
According to an analyst from Reuters news agency , the advance is due to the uncertainties about the corona crisis and the American-Chinese conflict is adding extra fuel to the fire. China ordered the closure of the US consulate in Chengdu on Friday, after the US closed a Chinese consulate in Houston.
In times of uncertainty, investors look for safe havens and precious metals generally do well. That effect is reinforced by the weakness of the dollar.