Gold is closing in on its All-Time Highest (ATH) price following a remarkable reversal of fortunes over the past few days. The asset is on an upward trajectory and is on track to reach its ATH valuation of $1,870 per ounce recorded in Sept. 2011.
Gold recovers from its significant drop
Gold has endured a turbulent start to the year during which its gains in the early weeks were quickly erased as financial markets struggle to cope with the Covid19 crisis. The precious metal opened the year trading at $1,520 per ounce before surging 10% to peak at $1,672 in late February.
Since then, Gold has had a rocky ride that saw its price plummet to a yearly low of $1,479 in mid-March on the back of a sustained asset selloff. Gold’s price decline correlated with that of risk-on assets leading investors to question its ability to cushion them against the rigors of the financial markets. Read More...