Obrázek k článku The price of gold is at seven-year high

The price of gold is at seven-year high

03.01.2020

3 minuty čtení

Gold is the most expensive in the last seven years. Its price is now at $ 1,600 per troy ounce. This is mainly due to rising tensions in the Middle East. Around half past eight in the morning Central European time, according to Bloomberg, the gold price showed an increase of 1.5 percent to about 35,800 crowns per troy ounce. "The geopolitical situation is at the center of attention," said Phillip Futures´ analyst Benjamin Lu, according to Reuters. "Tensions between Iran and the United States have escalated to the boiling point, pushing gold prices up," he added. US President Donald Trump has once again threatened a "major retaliation" if Tehran attacked US targets because of killed Iran's General Kasem Solejmani. He told to Iraq that if it dismiss US soldiers, he would impose sanctions on it. "On Monday morning, the price of gold surpassed the six-year peak of autumn 2019. The increase is due to the escalation of the conflict between the US and Iran, forcing investors to seek a safe harbor for their capital. US President Trump explained that if Iran reacts on killing the leader of the revolutionary guards Suleiman, the US has identified 52 targets in Iran for a possible counterattack.

Investors are more inclined to invest in gold at a time of growing political instability or economic turmoil. In the long run, yellow metal continues to grow steadily. "The situation in the global markets is very similar to history. The oil shocks of the 1970s and the US invasion of Vietnam or Iraq. The price of precious metals reacts to circumstances just as always in history. However, once the crisis calms down, we can expect another drop of gold prices, an analyst Marek Brávník explains. The most common bitcoin cryptocurrency traded around $ 7,524 on Monday morning which means a 2.3 percent growth. Bitcoin strengthened by approximately $ 200 compared to Friday.

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