{"id":1173523,"date":"2020-03-24T12:23:18","date_gmt":"2020-03-24T18:23:18","guid":{"rendered":"https:\/\/www.mining.com\/?p=1018001"},"modified":"2020-03-24T12:23:18","modified_gmt":"2020-03-24T18:23:18","slug":"gold-price-rockets-more-than-100-to-seven-year-high","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1173523","title":{"rendered":"Gold price rockets more than $100 to seven-year high"},"content":{"rendered":"<p>The gold price rallied again in spectacular fashion on Tuesday as panicked investors scramble for hard assets on the back covid-19 closures of mines and refineries and unprecedented monetary action by the US central bank.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>On the Comex market in New York, gold for delivery in April, the most active contract, rocketed by as much as $131 an ounce or 8.4% compared to Monday\u2019s close, to trade at $1,698 an ounce by midday before paring some of those gains in early afternoon trade. <\/p>\n<p>Tuesday&#8217;s surge beat yesterday&#8217;s <a href=\"https:\/\/www.mining.com\/gold-price-surges-by-most-in-history\/\">record-setting one-day gain<\/a> by a handy margin and brings gold&#8217;s gains so far this week to $193 an ounce. <\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-24-mar-2020.jpg\" alt=\"\" class=\"wp-image-1018012\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-24-mar-2020.jpg 906w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-24-mar-2020-300x202.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/record-breaking-GOLD-PRICE-surge-24-mar-2020-768x518.jpg 768w\" sizes=\"(max-width: 906px) 100vw, 906px\" \/><\/figure>\n<p>Goldman Sachs said on Tuesday in\ufb02ationary concerns triggered by the central bank policy response to the coronavirus outbreak should underpin gold prices this year as the \u201ccurrency of last resort.\u201d<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cCombined with the fiscal nature of the current policy response to COVID-19, we believe physical inflationary concerns with the dollar starting near an all-time high will for once dominate financial asset inflation that was a feature of the past decade.\u201d <\/p>\n<\/blockquote>\n<p>Gold has been on a wild ride over the past weeks, dropping as low as $1,450 an ounce a week ago after briefly hitting a seven-year high above $1,700 a week earlier.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold  is now the &#8220;currency of last resort&#8221;.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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