The ounce of gold shattered a record in the evening from Wednesday to Thursday, confirmed to The Press Jonathan Da Silva, gold trader with Kitco, Montreal. The price slightly exceeded $2,800 per troy ounce (31.1035 grams).
The old record, at $2,756, was set just over two years ago on August 6, 2020. At midday Thursday, an ounce was selling for $2,771.
Since the start of 2023, gold, denominated in Canadian dollars, has gained 12%.
As of this writing, gold has yet to officially break its US dollar record of US$2069 set in August 2020. We are talking here about the spot price or spot price. An ounce was selling around US$2,045 at 2:30 p.m. Thursday.
Several factors contribute to the surge in the price of the precious metal. Among them are the resilience of core inflation, weak economic growth, the turmoil surrounding regional banks in the United States, and geopolitical tensions.
Gold is considered a safe haven for investors.