The price of gold rose significantly in the year 2020, helped by the huge support packages against the crisis, the cheaper dollar and the financial market turmoil. The price climbed over 24 percent this year, which is the strongest annual increase since 2010.
On Friday, the price of a troy ounce (31.1 grams) was estimated at $1889. In August, the gold price even reached a record level of over $2000, breaking the old record of 2011. In troubled times on the financial markets, gold is seen as a safe investment. The price of the precious metal was also supported by global economic incentives, such as interest rate reductions. Investment in gold is seen as a kind of protection against currency depreciation and inflation.
The prices of other precious metals also went up this year. For example, the price of silver rose by almost 50 percent, and palladium increased by 20 percent. The price of platinum increased by 10%.