Gold prices hit a record high, and chances are, they could keep rising
In the world of investments, gold is once again all the rage. On Monday, the spot price hit an all-time high of $1,945 per ounce in the intra-day trade after rising for seven consecutive weeks.
The coronavirus pandemic, which has battered economies around the world, and killed more than 648,000 people, has forced central banks to slash interest rates. Trillions of dollars have flooded the markets as part of stimulus programmes. Demand for gold generally goes up in times of uncertainty as people move savings to more secure assets that preserve their value for a longer duration.
In early June, gold enthusiasts were disappointed when the price plunged suddenly, mainly because of reports of improvement in US unemployment numbers. Indian households save roughly 30 percent of their income. A large part of that goes into buying gold. For many, that’s not even spending, but simply an investment to preserve their wealth.
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