Gold Prices Reach the Highest Record of All Time Page all

TOKYO, KOMPAS.com – Gold price reached the highest level of all time on Monday (7/27/2020).

The price of gold rose 1 percent to a record high of 1,920.9 dollars per ounce troi. This price exceeds the peak that was touched in September 2011.

The height gold price influenced by the growing tension between the US and China. This tension shook investors and increased the attractiveness of assets safe haven the main ones are not tied to a particular country.

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The rise in the yellow metal has also been helped by aggressive monetary easing adopted by central banks around the world since the Covid-19 pandemic plunged the global economy into recession.

Some investors worry that the printing rate of money held by a number of countries may eventually lead to inflation.

Quoting ReutersOn Monday (7/27/2020), sentiment was also mixed with technological advancements that supported some Asian stocks.

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The MSCI index rose 1.3 percent due to Taiwan’s TSMC, the third largest company in Asia by market capitalization which rose nearly 10 percent.

The profits of the chipmaker boosted other technology shares in the region. The increase also came after its rival, Intel, signaled that the company would stop producing its own components due to the delay in the latest 7 nanometer chip technology.

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The CSI300 index rose 0.5 percent after Chinese shares added to profits after a big drop last weekend.

Furthermore, the S&P 500 Index held 0.4 percent in choppy trade. While Japan’s Nikkei Index fell 0.5 percent

Global stocks have lost ground since last week after Washington DC ordered the Chinese consulate in Houston to close.

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Beijing reacted similarly. The Bamboo Curtain country closed the US consulate in Chengdu.

Relations were tense when US Secretary of State Mike Pompeo said Washington and its allies had to use more creative and decisive ways to put pressure on the Chinese Communist Party.

“President (Donald) Trump usually says that Chinese President Xi Jinping is a great leader. But now Pompeo’s words have become so aggressive that the market is starting to worry about further escalation,” said Chief Investment Strategy at Mitsubishi Securities, Norihiro Fujito.

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