The price of gold has crossed the all-important $2,000-an-ounce benchmark for the second time this year.
Gold closed at $2,006 an ounce on Friday, Oct. 27, according to goldprice.org. At press time on Monday, it was trading just below $2,000, at $1,999.48 an ounce.
The price rise has been attributed to current international instability, as the price of gold has jumped 9% since the Oct. 7 terrorist attacks in Israel.
“Gold has a unique status among assets, because its price often increases with rising geopolitical concerns,” said a World Bank outlook report on commodity markets. “In the event of a more widespread conflict in the Middle East, gold prices would likely increase from already high levels as investors shift to safe-haven assets.”
In March, gold had crossed the $2,000 mark amid turmoil in the banking sector, sparked by the failure of Silicon Valley Bank. Gold prices exceeded $2,000 per ounce for the first time in history in 2020.
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