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Gold traded above $ 2000 for the first time in history
At the auction of the New York Stock Exchange Comex on August 4, 2020, the price of contracts for the supply of gold reached $ 2,000.25 per troy ounce (31.1 grams). In the morning, gold was trading at $ 1970, and then the price began to rise sharply.
 
Gold traded above $ 2000 for the first time in history
 
The gold price for the first time in history exceeded $ 2,000 per troy ounce on July 31, 2020 - the highest price during the trading session was $ 2005.4 after the publication of data on the drop in US GDP by 32.9% in the second quarter - for the first time in the country's history.

Reasons for the record rise in gold

As the World Gold Council (WGC) found out, record gold prices and demand for it in the world are supported only by investors, not jewelers and central banks. Investors are buying gold in the hope that the price of the precious metal will rise after new injections from the US Central Bank in the amount of at least $ 1 trillion to support low rates and resume economic growth.

The Federal Reserve System (FRS) of the United States on July 29, on the eve of the publication of data on GDP, kept the low interest rate at 0-0.25% per annum for the third time after its decline in the spring of 2020 at the peak of the pandemic. The US central bank kept interest rates near zero and promised to keep pumping money into the economy. The United States maintains a policy of low rates to recover from the previous crisis of 2008-2009. From December 2008 to June 2011, the Fed bought $ 2.3 trillion in government debt, maintaining low rates and increasing investment in the economy.

Investment demand for gold in the world grew 1.9 times - up to 1.131 thousand tons

The purchase of the precious metal is used as a defensive asset and an opportunity to get high speculative income during the period of the EU and US central banks' policy of injecting large volumes of liquidity into the economy - EU-approved injections of 750 billion euros and planned in the United States for 1-1.5 trillion dollars through the redemption of government bonds. The inflow of cheap money into the financial sectors of the economy is supported by ultra-low, and sometimes even negative rates, which allows increasing the national debt to record levels, but this reduces the value of the national currency of such countries.

In the first half of 2020, the price of gold rose by 26% in annual terms - to the highest in the last eight years. And on July 23, the 9-year high was updated - $ 1,870. Then the price of the precious metal several times updated the price record until it exceeded 2000 thousand dollars per ounce.
 
Read also:

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    GDP of the world's countries 2019

    List of the IMF in billion. $.

      1 USA - 21482
      2 China - 14172
      3 Japan - 5220
      4 Germany - 4117
      5 India - 2957
      6 France - 2844
      7 Great Britain - 2809
      8 Italy - 2112
      9 Brazil - 1929
      10 Canada - 1820
    GDP per capita world countries 2017 (table)

    List of the IMF in $

      1 Luxembourg - 108004.9
      2 Switzerland - 79347.76
      3 Norway - 72046.29
      4 Qatar - 67269.64
      5 Macao - 61365.29
    The state debt of the countries of the world 2017

    Public debt of 2017 countries as a percentage of GDP

      1 Japan - 250,91
      2 Lebanon - 147,62
      3 Italy - 131,71
      4 Eritrea - 127,5
      5 Portugal - 127,33
      6 Cape Verde- 122,25
      7 Bhutan - 122,12
      8 Jamaica - 116,07
      9 USA - 107,48
      10 Barbados - 106,58
    Gold and currency reserves of the countries of the world 2017

    International reserves, billion USD

      1 China - 3080,7
      2 Japan - 1260,0
      3 Switzerland - 773,1
      4 European Union - 745,9
      5 Saudi Arabia - 492,9
      6 Taiwan - 444,4
      7 Russia - 419,9
      8 Hong Kong - 413,3
      9 India - 393,6
      10 Republic of Korea - 383,8

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