Gold Prices Hit Record Highs Consecutively... 'Surpassing $2000 Per Ounce'

Gold Prices Surge Daily Due to Weak Dollar and Other Factors
Domestic Gold Price Also Exceeds 80,000 Won per Gram

[Asia Economy Reporter Naju-seok] The price of gold futures has reached $2,000 per troy ounce for the first time in history. This is believed to be due to increased demand for gold investment amid a weakening dollar.

According to Bloomberg on the 28th, the December gold futures price on the Singapore Commodity Exchange briefly hit $2,000 per troy ounce (ounce, 31.1035g) during the session. The previous day, the December gold futures price recorded an all-time high of $1,955.4 per ounce, but the record was broken within just one day. As of 10:45 KST, the gold price has slightly retreated and is trading at $1,987 per ounce. The most actively traded August contract is trading at $1,960.9 per ounce. On the previous day at the New York Commodity Exchange, August delivery gold rose 1.8% from the previous trading day to $1,931 per ounce, setting a new closing record high.

The strength in gold prices is largely due to the weakening of the US dollar. The Dollar Index, which measures the value of the dollar against six major currencies, recorded 93.652 the previous day. This is the lowest level since June 2018. Looking at the Dollar Index alone, the dollar’s value has fallen 3.9% over the past month. This is the first time since September 2010, during the height of the global financial crisis, that the dollar has dropped so sharply on a monthly basis.

David Lennox, a commodities analyst at Fat Prophet, said, "There is confirmed momentum driving gold prices up due to factors such as the money supply in the US," adding, "With economic stimulus measures continuing due to the economic impact of the novel coronavirus (COVID-19), the dollar is expected to weaken while gold prices strengthen."

Domestic gold prices have also surpassed 80,000 won per gram. On the Korea Exchange (KRX) gold market, the price per gram of 1kg gold spot rose 7.11% from the previous trading day to 82,970 won, recording an intraday high.

This content was produced with the assistance of AI translation services.