…heads for 2011 record

THE price of gold, on Friday, climbed past the US$1900 per ounce mark, a record high since 2011.
Pundits have attributed the rise in the price of the precious metal to a weakening United States dollar coupled with geopolitical issues, mining platform, Mining.com has stated.

According to the Guyana Gold Board’s (GGB’s) Facebook page, gold price on Friday morning was fixed at US$1893, with the record in sight. By Friday afternoon the price stood at US$1902 per ounce. The price eclipsed the US$1800 mark on July 8, as stated by the GGB.
According to Bloomberg, while eclipsing US$1900 mark, the price edged closer to an all-time high with “flaring geopolitical tensions and concern over global growth driving demand for haven assets.”

In 2011, the price of gold rose to a record high US$1921 per ounce.
The Business Insider has noted that the United States’ surprise order for “China to close its consulate in Houston” is a factor in the issue, noting that the move revived tensions between the two superpowers on Wednesday and spooked risk markets. “Soaring coronavirus case counts throughout the US have slowly turned calls for a swift economic recovery into concerns of a lengthy downturn,” it added.
Last June, the price of gold reached a record US$1400 per ounce high and tensions between the US and China as well as US and Iran were tied to the rise at the time.