Why the ounce of gold rose for the first time above 2000 dollars

The price of the precious metal has continued to climb since the beginning of the year. With each new crisis, the price of gold has always increased.

A historical record. For the first time since the creation of the course, an ounce of gold has crossed the symbolic threshold of $ 2000 Tuesday, 4 August at 18: 15 French time, GMT, before withdrawing slightly.

The price of the precious metal has continued to climb since the beginning of the year, having appreciated by over 30% and taking advantage of its safe haven status in a market confused by many uncertainties, with the pandemic of sars coronavirus.

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For the analysts of Commerzbank, gold is currently perceived by investors as a "buying opportunity". "This is hardly surprising in view of the persistently high numbers of new cases of contamination at the Covid-19, the suspense unending to the Congress [u.s.] around the new measures to help the economy, negative interest rates even more widespread and the equity markets to extremely high levels", detail they.

gold, a safe-haven

In France, the gold has seen a renewed interest in important. According to a survey OpinionWay for AuCoffre realized in 2019, which is 73% of the French believe that gold is a safe haven, explains Le Figaro. With each new crisis, the price of gold has always increased significantly. This was the case for the crisis of the debt on January 21, 1980 with a good 850 dollars, compared to less than $ 200 five years earlier. In 2009, after the subprime crisis, the cap of $ 1000 was made for the first time. The price of gold has also experienced a sharp increase after the european debt crisis to reach 1895 dollars on September 6, 2011. Over the past twenty years, the price of gold has simply been multiplied by ten, from us $ 200 in 2000, to $ 2000, on 4 August.

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"gold has always been considered a safe haven in times of crisis. Households, scared by the crisis, were more confident in gold than in treasury bills, for example," explains The Republic of the Centre Abdelkader Slifi, an economist and professor at the university Paris-Dauphine. "But this phenomenon has also been amplified by speculation, professional investors, enjoying and anticipating this increase in demand for gold and thus its price, to make a profit. This has acted as a self-fulfilling prophecy by multiplying this increase. And it is not known how much of the increase was attributable to households or to the speculators," says the specialist.

The dollar drops, the price of gold also

The weak dollar is also part of the factors that played in favour of gold these past few weeks. The price of the precious metal is denominated in the us currency, a decline in the greenback makes gold cheaper for buyers with other currencies. The dollar index, which measures the value of the american dollar compared to a basket of other currencies, has lost more than 3% since the beginning of the year.

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The demand for gold is composed of several variables : purchases of central Banks, investments in index funds, but also jewelry, coins and gold bullion in the households, details The Figaro. The demand in gold also includes purchases of gold for the industry.

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During the confinement, the purchase of jewelry have heavily fallen, by nearly 40%. Needs in the gold industry have also decreased. Finally it is the individuals and the investors that help boost the demand in gold over the last few years. The China throne at the head of the ranking of the largest consumers of gold, while the United States is the country that holds the largest gold reserves in the world.