“When there is some uncertainty in the market and quite serious fluctuations and difficulties for economic agents, they are always looking for some reliable asset where they can go, where they can at least keep their money. They are looking for a haven for investment, ”Belyaev said.
The economist noted that stocks are not in the best position right now, as the economy itself "is at a low point as a result of coronavirus events."
“For the same reason, government securities can hardly be regarded as a super-safe haven ... Since gold itself has an intrinsic value and is a material asset, this money rushes there in such a situation. General economic instability also affects the stability of the main reserve currency, which is the US dollar. We see that the dollar is slightly feverish and the prospects are unclear, ”the expert added.
According to Belyaev, the situation is also affected by the fact that gold mining is becoming more difficult and expensive.
“Available gold-bearing sources are depleting and becoming quite expensive. And this foresight that the flow of physical gold to the market may dry up is also meant ... Therefore, now we need to stock up, and not postpone this matter for the future. All these factors influenced the increased demand for gold, and it raised the price for itself, ”the expert concluded.
Earlier it was reported that the price of gold during trading on the New York Stock Exchange Comex updated a historical record, exceeding $ 2 thousand per ounce.