• Page Views 33

Gold Above $1,800 An Ounce, First Time Since 2011

Gold reached above $1,800 an ounce Wednesday for the first time since 2011, with the precious metal benefitting from its haven status as the coronavirus outbreak triggers global economy fears.

Gold hit $1,800.86 an ounce around 0830 GMT on the London Bullion Market, the highest level in 8.5 years, as a weaker dollar also makes the metal priced in the US unit attractive to investors.

“It is little surprise that the original haven is continuing its rally,” said Carlo Alberto De Casa, chief analyst at ActivTrades.

“Investors are still buying stocks but it seems they want to be covered in case of any market correction.”

Neil Wilson, the chief market analyst for Markets.com, said gold was winning support also thanks to fears of high inflation caused by central bank stimulus to prop up the global economy.

“The gold bull thesis rests not only on the requirement for safe assets given the economic uncertainty but also longer-term on fears of a surge in inflation caused by the massive increase in the money supply,” he said in a client note.

Gold’s record-high stands at $1,921.18 an ounce.

 

 

channels tv

Share This Article

FIRS Extends Tax Debt Payments To August 31

Next Story »

Finance Minister Consults NASS Leadership Over 2021-2023 MTEF, FSP

Lifestyle

  • Former Chelsea Defender Branislav Ivanovic Leaves Zenit Saint Petersburg

    7 days ago

    Russian champions Zenit Saint Petersburg announced on Wednesday the departure of their captain, Serbian international Branislav Ivanovic, whose contract was due to expire this summer. “We thank ...

    Read More
  • CAS Reveals Man City Ignored UEFA Investigation But Did Not Breach FFP

    7 days ago

    Manchester City showed a “blatant disregard” for UEFA’s investigation into alleged Financial Fair Play (FFP) breaches, according to the Court of Arbitration for Sport (CAS), but European ...

    Read More
  • Jigawa Governor Signs Revised 2020 Budget

    7 days ago

    Jigawa State Governor, Badaru Abubakar, has signed into law the revised 2020 budget of N124.357 billion which was recently passed by the State House of Assembly. He ...

    Read More
  • Enugu Governor Signs N146.3bn Revised 2020 Budget

    7 days ago

    The Enugu State Governor, Ifeanyi Ugwuanyi has signed into law the revised 2020 budget of N146.3billion. The budget represents a 13.6 percent decrease after a downward review ...

    Read More
  • Beckham’s Inter Miami Eliminated From MLS Tournament

    2 weeks ago

    David Beckham’s Inter Miami became the first side to be eliminated from Major League Soccer’s restart competition on Monday after stumbling to a 1-0 defeat to New ...

    Read More