Gold reaches highest level since 2011

The COVID-19 pandemic has wreaked havoc around the world. In March, Deutsche Bank warned that gold could rise to record highs if the threat of the coronavirus becomes a pandemic. Four months later this prediction has come true, after gold on Monday hit a new all-time high of $1,932, breaking the $1,921.17 per ounce barrier it hit in September 2011.

What is considered one of the safe-haven assets by investors in times of uncertainty marked the opening of today's session, a rise of 1.61%, to $1,932.57. The new resurgence and fears of a new wave have had a direct impact on the main stock market indices and global values. However, the pandemic has also contributed to traditional safe haven assets such as gold and other precious metals gaining investor confidence. 

Thus, gold surpassed 1,906 dollars per ounce last Friday, although it subsequently closed at around 1,900 dollars, according to data from Bloomberg to which the EFE agency has had access. On September 6, 2011 the maximum price of gold at the end of a session reached $ 1,921.17 per ounce intraday, an amount that has exceeded this Monday. 

The uncertainty caused by the COVID-19 pandemic and the tensions between the United States and China have led gold to remain on a rising path. Added to this situation are supply restrictions due to lockouts. Difficult access to this type of metal has also led to a rise in its price. 

On the other hand, the monetary policy being applied by the world's main central banks has also played a fundamental role in increasing the price of this precious metal. However, this situation may have a positive trajectory in the long term and not be just "fleeting signs of a fleeting force", according to a group of experts consulted by the EFE agency. Thus, they expect gold to exceed 1,950 dollars per ounce by the end of the year, and even, in view of interest rates that will continue to fall further in 2021, to be above 2,200 dollars.

This increase has been progressive since the beginning of the pandemic. At the beginning of the year, gold started above $1,500 per ounce and surpassed the $1,600 level by mid-February. With the advent of the current health crisis in Europe, the price dropped from $1,500 as investors turned to full liquidity. Even so, the fall was not for long as prices recovered at the end of that month and in April reached $1,700, a figure that has been surpassed this month of July.