Gold price hits record high on safe-haven demand... briefly touches $2,950 per ounce
Korea Economic Daily
Summary
- International gold prices have reached an all-time high.
- Gold prices have risen about 12% this year, proving its value as a safe-haven asset.
- Market uncertainty expansion was cited as the main factor driving gold's strength.
International gold prices have reached an all-time high.
According to Reuters on the 20th (local time), around 2:36 PM, spot gold was trading at $2,936.38 per ounce, up 0.1% from the previous day. Earlier in the session, it reached $2,954.69. Gold futures also rose 0.7% from the previous session to $2,956.10 per ounce.
Gold prices have risen about 12% this year alone, riding on the 'global trade war' atmosphere that ignited after Donald Trump's inauguration as U.S. President. Generally, gold prices tend to strengthen when market uncertainty increases, leading to greater preference for safe-haven assets.
By Lee Song-ryeol, Hankyung.com Reporter yisr0203@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
