First Bank

Monday, July 27, 2020

Gold Price Touches Another Record High

The spot gold price surged to over 1,930 U.S. dollars per ounce on Monday, surpassing the previous record high set in 2011.

In the morning during the Asian trading hours, spot gold traded at 1,931.11 U.S. dollars per ounce. It eclipsed the previous record high price of 1,920.24 U.S. dollars per ounce set in September 2011.

The spot gold prices have been climbing this year, from 1,517 U.S. dollars per ounce at the start of the year to a new nine-year high of over 1,930 U.S. dollars on Monday, up by more than 400 U.S. dollars.

According to the latest data from the World Gold Council, the gold-backed exchange traded funds (ETF) have seen a net inflow of 40 billion U.S. dollars in the first half of the year, which is eight times of the same period last year.

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