LBMA Gold Price Hits a Record High of $2,000+ Mark
London Gold Price hit an all time record high at $2,034.45 on 6th August, the organisation said in a press release. This is the first time in its 100+ year history that the London price of gold has exceeded $2,000 per troy ounce.
The new record price continues gold’s rapid rise through 2020. The metal price opened the year on 2nd January at $1,520.55 and has gained 33.8% in the 149 trading days to date, breaching $1,900, for the first time on 24th July. Previous milestones were passed on 14th March 2008 ($1,000) and 20th April 2011 ($1,500). In all, the price of gold has risen some 621%, in the 20 years of this century.
“I can think of no clearer demonstration of gold’s role as a store of value than the enthusiasm with which investors across the world have turned to the metal during the unique social and economic turmoil of the past few months,” said Ruth Crowell, CEO, LBMA. “Gold has once again proved to be the safe haven of choice in periods of uncertainty and high volatility.”
London traded gold volume has been exceptional in the past few days, setting a record high on 30th July, when 89.36 mn oz changed hands to a value of some $174 billion, over 50% higher in value terms than the previous record.
Through 2020, London traded gold volume has averaged at $62.7 billion per day. During the five trading days to 3rd August (the latest figures available) volume was 251.1 mn oz (50.2 mn oz per day), with the value traded $490.3 billion ($98 billion per day).
In India gold reached a record high of ₹55,029 per 10 gram on 5th August following global cues of a weak dollar and falling US Treasury yields. The spot silver price on the MCX also reached Rs 69,884 per kg nearer to its all-time high of ₹73,228 last seen on 25th April, 2011.