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Gold tipped to reach $3,500 an ounce amid conoravirus crisis

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Gold prices skyrocketed to record highs after breaking through the $2,000 an ounce mark for the first time ever.

Investors seeking a haven from stock market turmoil caused by the pandemic have piled into the precious metal.

It has now rallied by 35 per cent since the start of 2020 and rose 1.3 per cent to $2,044 per troy ounce last night.

Record high: Gold has now rallied by 35 per cent since the start of 2020 and rose 1.3 per cent to $2,044 per troy ounce last night

Record high: Gold has now rallied by 35 per cent since the start of 2020 and rose 1.3 per cent to $2,044 per troy ounce last night

But bullish analysts believe this is just the beginning – and think it could reach $3,000 or more by the end of next year. The rise boosted shares in London’s biggest precious metals miners.

Gold had been rising steadily since the start of 2018 until the coronavirus hit.

After see-sawing in February and March it has risen sharply as worries have grown about the impact the outbreak will have on the global economy.

George Cheveley, a fund manager at Ninety One, said: ‘It’s uncertainty about whether the world plunges into recession next year or recovers, spurred on stimulus money. When you think of both of those outcomes, gold has a place.’

Gold is seen as a safe way for an investor to store value during times of economic uncertainty –and a way to hedge against inflation and currency fluctuations.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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