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Gold is still considered a safe investment.
© APA (dpa)
The price of gold hit a new record in euros on Thursday. For the first time, the price of one troy ounce (31.1 grams) surpassed the 1,600-euro mark. Meanwhile, it was up to 1,603 euros. Gold was trading at $ 1,725 in US dollars. The record of $ 1,900, reached in 2011, is still a long way off.
Gold demand is driven primarily by the high level of uncertainty due to the crown pandemic. Gold is considered crisis protection for some investors. Added to this is the dizzying level of debt at the state level, a consequence of massive countermeasures to curb the SARS-Cov-2 coronavirus. Therefore, some forecasters expect inflation to rise in the medium or long term. Gold is also popular as a hedge against inflation.
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