At $2,000 An Ounce, Gold Reaches A One-Year High‍

As investors sought safe-haven assets amid the ongoing uncertainty in the global financial market, gold prices reached their highest level in a year on Monday.

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In early trading on Monday, gold gained 1.7% to $2,008.20 an ounce, the highest level since January 6.

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As the price of the precious metal has increased from close to $1,800 during the past year, it has become more difficult for investors to make investments because of the recent collapse of Silicon Valley Bank in the U.S. which has stoked fears about the international banking sector.

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A research note from Saxo Bank says, "Expectation levels have also risen given the outlook that the Fed will ease up on its fierce rate hike cycle, with the market now anticipating more rate cuts by the end of the year, which is typically the trigger for gold stock price gains."

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During the early part of 2020, during the epidemic of Covid-19 that was spreading across the world, gold prices reached a record high of $2,000 per ounce. They exceeded this level again in March of last year during the Russian invasion of Ukraine.

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