Gold price rises as supply is on it´s way

The gold price has been under special observation since the beginning of the Corona crisis – on Monday it made a small leap upwards. The price for one troy ounce (31.1 grams) rose significantly above the $ 1,600 mark on the London stock exchange and was traded around noon at a daily high of $ 1,638. Despite a generally friendly mood on the financial markets, the crisis currency was able to grow about $ 17 an ounce.In recent weeks, emergency sales by investors in the wake of violent stock market turmoil had weighed on the gold price on the stock market chart.

 

Gold as crisis currency

Gold is generally valued as a crisis currency on the financial markets. The precious metal has so far benefited only comparatively little from the corona crisis because of the emergency sales, although numerous governments have brought their economies to a halt in the fight against the spread of the virus and the central banks are fighting the crisis with a new flood of money.Converted to the euro stock market chart, the gold price also rose significantly. Here the price rose by about 17 euros to 1513 euros per troy ounce. The euro price was again approaching the record high that had been reached at 1,561 euros at the end of February 2020.The gold market also saw an end to the latest supply shortages. In Switzerland, leading gold refineries partially restarted their production on Monday. Previously, the gold melts, which are located in the canton of Ticino on the border with Italy, had to temporarily cease production due to the Corona crisis.