Gold hits $1,795, reaches highest level since 2012

Tuesday, 07. July 2020 16:13

Gold traded on levels last seen in 2012 on Tuesday as it reached $1,795 per ounce. Investors turned to the safe haven asset as the coronavirus led companies like United Airlines to look at reducing their workforces.

Meanwhile, geopolitical concerns continue to add to instability as tensions rise between the United States and China over the Hong Kong national security law and Israel faces criticism over its West Bank annexation plans.

Gold prices rose 0.58% to $1,794.61 per ounce at 10:21 am ET. The precious metal is now up 18.12% since the beginning of the year.

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Breaking the News / VP