One ounce of gold crosses the US$ 2,000 mark on the international market
Gold has continued to rise on the international market despite the backdrop of the health crisis affecting the whole world. The yellow metal first traded at $ 2,019 an ounce on the Singapore Stock Exchange on Wednesday, August 5th.
According to experts, in addition to the uncertainty associated with the global economic recovery related to the Covid-19 pandemic, this precious metal is benefiting from other geopolitical and economic factors that have increased investor fears during these times.
After Goldman Sachs analysts predicted gold would cross the $ 2,000 mark, they now estimate the yellow metal could hit $ 2,300 an ounce in the coming months, the Ecofin Agency said.
The ounce of gold hit the $ 1,930.48 bar on July 27, beating the historic level in September 2011 when the yellow metal was trading at $ 1,921.18.
One ounce of gold is equivalent to a weight of 31.103 g. It takes exactly 32.15 ounces of gold to get one kilogram of gold. At the price of $ 2019 per ounce of gold, 1 kg of gold will be worth around $ 64,910.85.
The rising gold prices, which remain the eternal safe haven in this time when the global economy is suffering from the health crisis, can only herald good prospects for producing countries like the Democratic Republic of the Congo.
DRC: produced 11,777 kg of gold in the first half of 2020
Obviously, given the multiple uncertainties associated with the coronavirus pandemic, investors prefer to invest their capital in gold.
The Democratic Republic of the Congo had produced 33,752.43 kg of raw gold in 2019, including an estimated 33,419.04 kg industrial output versus an artisanal production of 333.39 kg. From this production 33,055 kg of gold were exported, which corresponds to a turnover of 1 billion USD, 12 million USD, 976,216 USD.
