The current absolute price record, set on September 6, 2011, was $ 1,921.17. After peaking, gold sold for about $ 1,931 an ounce yesterday afternoon.
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“The price of gold is rising to its third peak these days since 1971, when the Bretton Woods exchange rate system was abandoned and with it the peg of the US dollar to gold. The first of the peaks occurred in 1980, the second nine years ago, “concluded economist Lukáš Kovanda.
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According to him, however, taking into account inflation, the price of gold in 1980 was still about a third higher than today. Therefore, its current price is expected to rise even further due to global uncertainty.
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“The role of gold as a strategic asset will grow. Gold has historically protected investors from inflation, but it also works very well in times of deflation: this period is characterized by low interest rates and high financial stress, which results in an increase in demand for gold, ”also assumes Lukáš Jankovský, head of Zlaťáky.
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Investors invest heavily in gold not only in its physical form, but also through funds.
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The Czech National Bank, which has so far disbanded the state gold treasure, also invested in gold in June this year for the first time since 1999, when it increased its reserves by 1.2 tonnes after years of declines. At the same time, it was getting rid of gold at a time when it was at its forty-year price bottom.
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The record is lower in crowns
So far, gold was most expensive sold in Czech crowns in mid-May, when the price reached CZK 45,143 per ounce.
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According to a report by the World Gold Organization, the performance of gold in US dollars increased by 16.8 percent in the first half of this year, which was the highest compared to all other assets. This is because a new coronavirus pandemic is devastating the world economy.
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For example, the International Monetary Fund expects the global economy to decline by 4.9 percent this year and a high unemployment rate. Of other precious metals, silver is also valued, by 35 percent year on year.
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