Precious Metals

Gold prices continue climb above $2,000 level

With the escalating price of gold, investment in gold bullion coins like this American Eagle from the United States Mint holds attraction.

Images courtesy of the United States Mint.

Just over a week since eclipsing a previous record high, gold prices have reached above $2,000 for the first time, and are still trending upward.

Gold closed on the plus side of $2,000 Aug. 4 on the London market, then had another positive day, reaching into the $2,050 range, according to price reports offered by Dillon Gage Metals. On Aug. 6, the price of gold was trending at $2,048 to $2,050 on the New York City and London markets.

The trend to higher gold prices is being fueled by several factors that create uncertainty about the future, leading many analysts to predict price records will continue to fall. A U.S. dollar that is expected to continue weakening, low yields on government bonds and a pending U.S. economic stimulus package related to the COVID-19 pandemic are among the economic concerns, as are continuing strained business relations between the United States and China. The developing economic rift between the two nations triggered an increase in the price of gold last year as well, as reported by CNBC.com.

Gold prices have increased by more than 33 percent in the past year. Financial experts have predicted $2,000 gold in previous years, but the prediction was not realized until 2020.

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