The price of gold Friday morning edged closer to the US$1900 per ounce mark which it reached back in 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) Facebook page, gold prices on Friday morning stood at US$1893 per ounce. The price eclipsed the US$1800 mark on July 8.

According to Business Insider.com, the price of gold typically turn higher during an economic downturn, as the metal’s scarcity and historic allure lead it to appreciate over the dollar.

It noted too 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.