The gold price has reached its highest level in almost eight years due to financial market concerns about the corona crisis. The price of the precious metal is on the rise this year as investors are looking for safe havens to invest in because of viruses.

The price of a troy ounce of gold (31.1 grams) is now around $ 1760, the highest level since October 2012. The price continued to rise following warnings from President Jerome Powell of the US Federal Reserve about the economic damage caused by the corona virus can cause.

Prices of other precious metals were also on the rise, such as silver and platinum. The gold price reached a record level in September 2011 with more than $ 1900.