The price of gold rose to historic highs

On 27 July, the price of gold has reached a historic high. As writes AFP, the precious metal becomes more expensive amid rising tensions in relations between China and the United States and the new surge in the incidence of coronavirus.

The price of an ounce of gold rose to $1944,71. The previous high – $1921,18 – lasted nine years, since 2011.

The Agency notes that this week the price of gold can first step over a mark in $2 thousand per ounce. This may result in a reduction of the US Federal Reserve base rates to negative levels, as well as the deterioration of growth forecasts United States GDP in the second quarter, which will trigger a pressure on the American currency.

AFP writes that the depreciation of the dollar was the main catalyst for the rise in price of gold, but its attractiveness as a safe asset in times of crisis “is exacerbated by the deterioration of relations between China and the United States.”

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