It’s been on one rollercoaster ride lately, but overnight gold hit a record Australian price $2828.99 While restrictions on business, major disruption of industries and so much uncertainty loom, Gold has started to become the beacon for the world to look towards with much needed positivity.
Gold is safe haven buying. It provides comfort to markets in times of crisis. Not since 2011 have we seen the price of gold at levels we have right now The all time high for gold was $1917.90US/oz. At that time, the Australian dollar had parity with the US in sight, now it’s a different world. The Aussie dollar is buying just under 60¢ US at time of print.
It has been an interesting time for gold according to analysts. However now its believed we are seeing the tradition response to the metal during uncertain times.
Platinum and Palladium have also had a run early to mid-week on markets.
Price via Kitco