Gold keeps its position as safe haven amid Covid-19 crisis

Gold keeps its position as safe haven amid Covid-19 crisis

Global and domestic markets have witnessed significant turbulence as a result of the ongoing Covid-19 crisis, which has also hit the US dollar around the globe.

Despite the slight decline in global gold prices during last week, it has managed to reach price levels unseen since 2012, surging by over 25 percent compared to 2018 levels that witnessed the first signs of an increase in the price of gold.

Unprecedented performance in 1H 2020

In its recent report, issued in mid-July, regarding gold market performance during the first half of 2020, the World Gold Council (WGC) said that gold showed remarkable performance in the period mentioned, increasing by 16.8 percent in US-dollar terms and significantly outperforming all other major asset classes. Gold has been reaching record or near-record