The value of gold hit a record high today as increasing numbers of nervous investors look for a safe place to put their money, spurred by weakening economies and concerns over the continuing coronavirus pandemic.
The precious metal climbed as much as 2.4% to a record $1,944.73 an ounce, beating its previous record of $1,921 set in September 2011.
Many investors avoid gold and other precious metals because they do not pay dividends or interest – but they are traditionally viewed as a safe investment, and the price of gold typically rises during times of geopolitical uncertainty. So far this year, gold spot prices have risen by more than 25%.
A fall in the value of the US dollar is another factor that boosts the price of gold, which is quoted in the US currency.
Source:Fiilafmonline/BBC
