Gold prices reach $ 2,000 an ounce for the first time after rising more than 30% this year
Safe haven: the gold price has risen by more than 30 percent this year
The price of gold reached $ 2,000 an ounce for the first time last night.
It hedged a massive bullion rally, which is up more than 30 percent this year.
Prices have been driven up by the weak dollar, low bond yields and fears of the economic impact of the corona virus crisis. This is because market turmoil is pushing investors to move into so-called ‘safe haven’ assets, often using gold as a way of storing money.
The central bank’s stimulus packages have pushed bond yields to an all-time low, making gold more attractive and the dollar weakening, making the bullion cheaper for buyers who use other currencies. The previous high was $ 1,921 (£ 1,471) in 2011.