Gold prices have updated a multi-year record amid investors' concerns about the second wave of coronavirus. This is evidenced by trading data on the New York Mercantile Exchange.
On Tuesday, July 7, the price of the precious metal broke the mark of $1800 per ounce. At the time of writing, the value of the August gold futures was $1,808, an increase of 0.81 percent, or $14.85. This is the highest price since August 2011.
The cost of gold, which is traditionally considered a вЂњsafe haven for investors,вЂќ rises in 2020 against the backdrop of the coronavirus pandemic. The precious metal set the previous record in May when its price reached its highest level since 2012.
Goldman Sachs analysts expect gold to rise in price to $2,000 an ounce in 2020. At JPMorgan Chase & Co. they do not advise investors to exit the precious metal, considering it the best investment in low-yield conditions.