Gold price floats over $ 1,600

The gold price has largely held the strong price gains since the beginning of the week on Wednesday. Last night, the price of a troy ounce on the London Stock Exchange temporarily rose to $ 1642 per troy ounce (31.1 grams), again approaching the seven-year high of March 9th, at $ 1703 ( Dollar rate) had been reached. In midday trading, however, the price of the precious metal dropped back to $ 1,621. That’s about $ 11 less than Tuesday.Despite the current decline, gold (gold price) has gained almost nine percent in value since Monday. Calculated in euros, the gold price recently fell to 1497 euros. That is 18 euros less than the day before.

 

Extremely strong easing

Due to the extremely strong easing of monetary policy by leading central banks in the fight against the economic slump in the Corona crisis, commodities expert Carsten Fritsch from Commerzbank (Commerzbank share) expects the gold price to rise in the coming trading days. In the coming months, an unprecedented flood of uncovered paper money will pour over the markets, said Fritsch. “Gold should benefit from this.”