With economic concerns over the resurgence of COVID-19, investors are looking for a safe place to put their money. One place is gold. Increased investment has driven its price to an all-time high of $1,944 per ounce as of today. This tops 2011’s record of $1,921 per ounce.
At its latest price, gold has experienced a 27 percent increase in value this year. Silver is also seeing a bump, up 6 percent to $24.21 per ounce, a seven-year high.
Boosting the price of gold is the falling return of government bonds, an indicator that interest rates will remain low to aid economic recovery. The US dollar has also shown signs of weakening, trading at a 22-month low compared to the euro, and a four-month low compared to the Japanese yen.
As cases continue to rise and the economic recovery shows signs of fragility, gold will continue to gain popularity as an investment strategy.