I do not know how long the corona virus pandemic will end.
The world seems to be ravaged by invisible creatures.
Yes, the world is indeed in chaos.
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Increasingly, the corona virus epidemic lurks more and more, not to mention endless conflicts between countries.
Corona virus pandemic hoisted gold prices to record highs of all time.
The increase in geopolitical tension between the United States (US) and China also helped burn the price of gold.
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On Friday (24/7), spot gold prices were at US $ 1,902.02 an ounce troi.
Although only strengthened 0.77% in a day, the price of gold reached a psychological level of US $ 1,900 per ounce troi, as well as passing the previous highest level.
The highest level of spot gold prices previously was US $ 1,900.20 per ounce troi which was reached on 5 September 2011.
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“Concerns about the global economic slowdown due to the US-China feud might cause governments and central banks of various countries to extend the stimulus,” Tai Wong, head of base and precious metals derivative trading BMO, told Reuters.
China calls for the US to close the consulate in Chengdu. This is a reply after the US called for China to close the consulate in Houston.
This prolonged US-China conflict has added to the rising power of gold prices due to the addition of new cases of the relentless corona virus.
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The number of new cases of corona in the US has exceeded 4 million. While the total number of cases globally has reached 15.58 million.
“The only thing that will reduce the price of gold is the rapid development of the corona virus vaccine. Until this happens, uncertainty will still be there,” Rhona O’Connell, a StoneX analyst, told Reuters.
Not only the price of gold, the price of other metals began to rise. Silver prices rose 17% in a week. This is the biggest increase since 1987.
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“Investors see silver is still cheap when compared to gold and this is what helped lift prices,” said Jim Wyckoff, senior analyst at Kitco Metals.
This article has appeared on GridHot.ID with the title Gold Price Breaks the Highest Record of All Time, Corona Vaccine Becomes The Only Thing That Can Ruin It, This Is Why