Gold Hits $2,000 & Beyond!

Gold has topped $2,000 an ounce for the first time ever as traders look for safe havens amid the pandemic.

The yellow metal is now higher by more than 30% in 2020, supported by a weak US dollar, low yields, and hopes for more stimulus measures.

Gold prices are likely to continue their upward journey as the price has broken a major psychological resistance level. 

The Reasons Behind This Crazy Jump in Gold

• The coronavirus pandemic remains ongoing, and the impact of COVID-19 on the global economy is likely to remain in place beyond the duration of the pandemic, even when the vaccine is available. 
• Fears of the second wave of Coronavirus infections which could force countries to close again and impose lockdown restrictions. 
•  The escalation tensions between the world's two largest economies remain in the atmosphere.
• Finally, traders piled into safe-haven assets on hopes that another US stimulus bill is in the works. A bill could put further liquidity into markets and weigh on rates, supporting the commodity.