The gold price has risen immensely in the current year. The precious metal benefits from its reputation as a “crisis currency”. In the meantime, the course has even reached new record highs. Silver is also in demand. Follow the most important developments around the yellow precious metal in the gold price ticker.
Gold price continues record hunt, silver rises to its highest level since 2013
Tuesday, July 28, 8:46 a.m .: The price of precious metals continues to soar. The gold price has continued the record hunt towards the $ 2000 mark, and the price of silver has peaked in seven years. After the price for one troy ounce of gold (31.1 grams) broke the old record mark of September 2011 on Monday, the high-altitude flight pushed the price to a new high in early Tuesday at $ 1981.27. Gold has gained around 30 percent in value since the beginning of the year.
Weak US dollar
Commerzbank analyst Hao Zhou pointed out that a weak US dollar had been one of the most important price drivers for precious metals in recent trading days. Gold and silver are traded in dollars, so a fall in the US currency will make precious metals in countries outside the dollar area cheaper, which will increase demand.
Prices for precious metals recently fell somewhat from their highs after a slight recovery in the dollar on Tuesday. In the United States, the signs are condensing on a new, extensive aid package in the fight against the corona crisis. On Tuesday night, U.S. Republicans presented their $ 1 trillion (US $ 860 billion) aid proposal.