Gold is worth more than ever. Many investors resort to precious metals in the corona crisis. Silver is also booming. Low interest rates and the fear of possible inflation are probably the reasons for this. Gold and silver dealers are happy. Queuing in front of a renowned gold trading shop on Germans Munich’s Promenadeplatz: business with precious metals has been booming here for weeks. Due to the corona crisis, many investors smell morning air on the stable gold and silver market.
In addition, the fear of inflation as a result of the economic recession is enormous for many.
“I can confirm the boom. 100 percent more sales than in the same period last year.” Zdenek Holly, branch manager at Degussa Goldhandel in Munich
Gold price at all-time high
A real dynamic has recently built up in gold and silver, analysts assess what is happening on the precious metals exchange. The gold price has now broken its nine-year high. On the night of August 3, 2020, the price of a troy ounce of gold rose to $ 1,944.71, surpassing the daily high of $ 1,921 in September 2011.
One gram of gold costs 54 euros
Gold and silver are traded in dollars, so a decline in the American currency makes the precious metals cheaper in countries outside the dollar area. That increases the demand. The current daily price for one gram of gold is 54 euros.