Fresh off hitting an all-time high on Friday the gold price has continued to rise on Monday morning, up 0.36 per cent to $2,025 an ounce shortly before lunch.
It hit as high as $2,032 around 8:40am.
Those prices are all-time highs for gold and the Australian dollar. Late last week the gold price breached the AU$2,000/oz mark for the first time, as well as going past US$1,400/oz for the first time since 2013.
Gold is riding a big wave as the Australian dollar wallows at three-year lows and the prospect of low interest rates in both the US and Europe. Toss in geopolitical instability with the ongoing US-China trade war, and gold is an even more attractive investment option.
Gold, traditionally seen as a ‘safe haven’ investment for its ability to keep its value, is often rewarded in times of financial or geopolitical instability as investors look for a place to store money.
Angus Geddes, founder and CEO of Fat Prophets, said on Friday that gold would need to “consolidate and continue” its bull run.
“I think the timing is right with all the fundamental catalysts and drivers now in place for a sustained rally in gold,” he said.
Gold expert Peter Hambro agrees, saying the gold price has further room to grow.
This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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