Gold price hits $2,000 per ounce for the first time

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Gold price hits $2,000 per ounce for the first time after rising by more than 30% this year

By Daily Mail City & Finance Reporter

Published: | Updated:

Safe haven: The price of gold has risen by more than 30 per cent this year

The price of gold hit $2,000 per ounce for the first time last night.

It capped a huge rally in bullion, which has risen by more than 30 per cent this year.

Prices have been driven higher by the weak dollar, depressed bond yields and fears about the economic impact of the coronavirus crisis. This is because market turmoil tends to push investors towards so-called ‘safe haven’ assets, with gold often used as a way of storing cash.

Central bank stimulus packages have pushed bond yields to record lows, making gold more attractive, and the dollar has weakened sharply, making bullion cheaper for buyers using other currencies. The previous high was $1,921 (£1,471) in 2011.

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