London gold price benchmark hits record high as investors hunt for safe haven
London’s gold price benchmark hit an all-time high yesterday as investors continued to pour into the precious metal to shield themselves from economic and political volatility.
Gold hit a price of $2,069 per troy ounce at an auction yesterday afternoon, passing a previous record of $2,067 set in August 2020, the London Bullion Market Association said in a statement.
Meanwhile, in the spot market, the gold price hit a three-week high of just under $2,099/oz.
“I can think of no clearer demonstration of gold’s role as a store of value than the enthusiasm with which investors across the world have turned to the metal during the recent economic and geopolitical turmoils,” said LMBA’s chief executive officer Ruth Crowell.
LBMA is a bullion trade body that certifies refiners, allowing them access to the world’s largest bullion market in London. The LBMA Gold Price is the global benchmark price for unallocated gold delivered in London.
Gold is traditionally seen as a safe haven asset and a place for investors to park their cash amid periods of volatility.
In November, the spot price slipped after an October mega rally which pushed prices beyond $2,000, powered by fears over economic instability in the wake of Hams’s attack on Israel.
The London gold price opened the year on Jan. 3 at $1,835.05 and has since risen by 12.7 per cent, LBMA said yesterday.