Published: August 11, 2020
UNITED STATES — The price of gold reached more than $2,000 per troy ounce for the first time in the history of the market on August 4, occurring amid an upward climb that has seen dramatic rise since the pandemic took hold.
It eclipsed the previous August, 2011 gold record of $1,891.90 on July 24.
Even though the prices dipped at the opening of this week, considered by some to be an expected profit-taking stop, traders are confident that the market is well-supported, with institutions like Bank of America predicting a $3,000 gold price in the next 18 months. The price of gold started at $1,528.95 on January 2 of this year. When the stock market crashed in March, the price dipped to $1,471.47 before launching the upward climb.
Silver is also on the rise, selling for a high of $26.02 on August 4. It began the year around the $18 mark.
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