Value of gold reaches record high $2,000 an ounce for first time

The price of gold per ounce has hit the $2,000 (£1,500) mark for the first time in history as investors look for safe havens during the COVID-19 pandemic and rising global tensions – driven by the current US/China troubles.

Gold bullion has soared in value by more than a third so far this year and has been one of the most sought after high-value items by investors and high net worth individuals across the world.

Due to its almost ever-present value for investors, it has received increased attraction due to very low interest rates and widespread stimulus measures by global central banks as a result of the pandemic.

After the value of gold rose above the $2,000 mark for the first time in history, silver prices have also jumped 3.2% to $26.84. This is the highest the precious metal has been since April 2013. The value of silver has now risen 50% during 2020 – which has meant that it is actually outperforming the rising price gold in the same time period.