Gold hits a record $ 1,930 an ounce
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Gold hit an all-time high on Monday at $ 1,930.48 an ounce, confirming its status as a safe haven in times of pandemic, while the decline in the greenback is also helping to push it up.
Gold, which gained more than 1% in trade in Asia, is expected to surpass the $ 2,000 mark soon, analysts said.
As the coronavirus epidemic worsens in many countries, investors have voted for gold, an eternal safe haven in times of crisis.
The monetary easing measures decided by the Federal Reserve pushed the dollar down, further enhancing the attractiveness of gold.
“Strong gains are inevitable as we enter a period similar to the environment that emerged after the global financial crisis, where prices reached record levels due to the amounts of money injected by the Fed into the financial system.” said Gavin Wendt, analyst at MineLife.
Denominated in greenback, a decline in the US dollar makes the precious metal less expensive for buyers using other currencies.
Its previous all-time high, at $ 1,921.18 per ounce, was reached in September 2011.
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