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Gold hits seven-year high

by LLB Editor
18th May 20 12:21 pm

The gold price has hit its highest level since 2012, amid predictions that the coronavirus outbreak will drive inflation up.

Gold bullion is up 1.2% this morning at $1,760 per ounce for the first time since October 2012.

It’s now jumped by over 15% since the market crash in March, driven by concerns that the huge stimulus measures from governments and central banks will be inflationary.

Neil Wilson of Markets.com explains, “Gold has emerged as a clear winner from the economic turmoil created by the pandemic.

“There has been more energy about gold bulls today and prices have driven up to above $1760, the highest since Oct 2012. The peak in that month of $1795 is the next target for bulls.”

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