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Gold price rises to record high: $ 1944.71 for troy ounce


Gold is popular in the crisis.
Picture: dpa

In the crisis, investors rely on the precious metal. On the night of Monday, the price of a troy ounce of gold rose, significantly exceeding the previous record price of September 2011 at $ 1944.71.

Gold is more expensive than ever because of the economic consequences of the corona crisis. On the night of Monday, the price of a troy ounce (31.1 grams) rose to $ 1944.71, significantly surpassing the previous record high of around $ 1921 in September 2011. The price recently crumbled somewhat, but was still around one and a half percent up at $ 1932.

As a result, the gold price rose a little more than a quarter this year, with a strong increase since mid-June in particular. At the beginning of the corona crash on the financial markets, gold had even lost value, although the precious metal is considered a crisis currency. In mid-March, one troy ounce temporarily cost less than $ 1,500.

Gold is currently very popular with investors due to several developments. One of the main reasons is the corona pandemic with its drastic economic consequences. These include the high level of uncertainty about the progress of the crisis, the sharp rise in government and corporate debt and the persistently low interest rates around the world. Gold is used to protect against crises and inflation.

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