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Gold hits highest price since 2013

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Christian Fernsby ▼ | January 6, 2020
Gold prices jumped nearly 1.9% to $1,580.5 an ounce around 09:30 AM London time on Monday, the highest since April 2013.
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Business and money   The biggest producers of gold are China, Australia, United States
U.S. President Donald Trump on Sunday threatened sanctions on Iraq and retaliation on Iran if they responded with force to a US airstrike last week that killed the Iran’s top commander and political influencer General Qasem Soleimani.

Topics: Gold

Silver prices rallied as much as 2% to $18.39 an ounce. Historically, Gold reached an all time high of 1920.30 in September of 2011.

The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE.

Gold Futures are available for Trading in the Commodity Exchange (COMEX) which merged with the New York Mercantile exchange in 1994 and became the division responsible for metals trading.

Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. However, gold is not only a precious metal but also a commodity vital for many industries.

Gold is an excellent conductor of electricity, is extremely resistant to corrosion, and is one of the most chemically stable of the elements, making it critically important in electronics and other high-tech applications.


 

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