Note from Tim: I didn’t write this! Anyway………
The gold price reached a new record high this week, beating the previous record set on Sept. 5, 2011. The gold price kept rising past the record high to new heights as the week wore on, and now the $1,940 record that was set on July 28 appears to have become the new floor for the price amid today’s pullback.
The organization said this week’s record high gold price has been driven by a combination of several factors. They are high uncertainty, very low interest rates and positive price momentum. All of these factors support investment demand, but the World Gold Council added that there are reasons to believe that the market is still early in the cycle.
The coronavirus pandemic is still far from being over, and its impact on the world’s economy is still being worked out. The organization said some countries like China, South Korea and parts of Europe seem to be turning a corner. Globally though, hope of a rapid recovery is gone.
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