Amid escalating global market turmoil, gold has seen a dramatic surge, recently hitting a historic price of $3,357.40 per ounce. This increase follows its crossing of the $3,000 threshold for the first time in March. Experts note that during periods of crisis, such as pandemics or major political events, gold often becomes a safe-haven asset for investors. Seamus Fahy, the managing director of Merrion Gold, highlights that crises historically lead to increased demand for this precious metal.
"Any time there's any type of crisis, the price of gold tends to jump - you had the pandemic, you had Brexit, even Trump getting elected pushes up the price of gold," explains Seamus Fahy, managing director of Merrion Gold, an Irish bullion dealer.
This month, the price of gold reached an all-time high of $3,357.40 after passing the benchmark of $3,000 an ounce for the first time ever in March, illustrating the increasing demand for safe-haven assets.
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