Published: 2020.05.18. Gold price record in euros and other currencies of the world

Gold price record in euros and other currencies of the world - Preview

At the end of last week, the price of gold set new records not only in euros, but also in many other currencies. Unfortunately for investors, this did not happen in the American dollar. On Friday, May 15, on the Forex market, one ounce of gold was trading at $ 1,742, which corresponds to 1,610 euros - this is a new historical record for the price in European currency for its entire existence.
As you know, a rise in the price of gold is an indicator of the weakening of fiat currencies. The following are the currencies of different countries in which the yellow precious metal also showed historical growth to record levels: Argentine peso, Australian dollar, Brazilian real, Bulgarian lev, Chinese yuan, Danish krone, British pound, Hong Kong dollar, Indian rupee, Iraqi dinar, Iranian rial , Japanese yen, Canadian dollar, Kenyan shilling, Croatian kuna, Hungarian forint, Uruguayan peso, Vietnamese dong.
As for the US dollar, gold did not have enough of 10% growth to reach the previous record of its value in this currency, which was set in September 2011. There are a number of countries where the cost of precious metal approached a historical record, but could not repeat, namely: Russian ruble, Swedish krona, Turkish lira, Colombian peso and South African rand. Taking into account the situation in the global economy, you can be sure that in the near future new historical records of the value of gold in different currencies of the world will be set.
Amid rising gold, investors increasingly prefer physical precious metals. On the American futures exchange COMEX, there has been an increase in applications for the supply of physical gold. Traders prefer to pick up their precious metal. Only in this way can you be sure that it belongs to you.
Analysts at Goldman Sachs, a US bank, see gold as the top commodity favorite. In their view, many factors indicate continued price increases. One of them is the policy of the Central Banks, which provide financial markets with virtually unlimited liquidity. According to the bank’s forecast, over the next 12 months, the yellow precious metal will cost $ 1800 per ounce.