Gold Rises to Record on Increased Demand for Wealth Protection

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Nicholas Larkin
September 16, 2020

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Gold rose to a record in London and New York as investors sought protection against turmoil in the global economy and financial markets. Silver rose to the highest price since March 2008.

Bullion climbed as high as $1,277.07 an ounce in London. The dollar fell to a five-week low against the euro today. The metal usually moves inversely to the U.S. currency. Global holdings of gold by exchange-traded products are up 16 percent this year and this month reached a record, Bloomberg data show.

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“People are worried about the European financial system and debt market, and the outlook for the U.S. and global economy,” said Mark O’Byrne, executive director of brokerage GoldCore Ltd. in Dublin. “People are worried about equities, debt, property” and currencies, he said.

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