Due to the customs war, mentioned by US President Donald Trump, other investors flee gold to the “Safe Haven”. For the first time on Friday, the precious metal jumped the psychologically important figure of $ 3,200 per troy ounce and rises by 1.4 percent to a record high of $ 3219.84 (2905.5 euros).
The rally is driven by the rapid price drop of the American currency, says investment strategist Ilya Spivak, chief economist of the tastylive of the investment adviser. This is the result of the sale of US shares and bonds.
Short phase of weakness again
The short weakness in the gold market has ended in recent days. After the record high of almost $ 3168 at the fair in London, the record high reached a week ago and the price dropped to almost $ 2950.
In the middle of the week, the mood was reversed again and gold was again asked as a safe haven because of the turbulence caused by Trump in the financial markets.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
