General Disclaimer: We are not responsible for any errors or other inaccuracies in the content on our website. All the articles here are presented with no warranty. The information displayed on businessbytes.net may be different from what you see when you visit a financial institution, service provider, or a specific product's site. The information provided on this website is solely for educational and informational purposes. Before you make any financial decisions or implement any financial strategy mentioned on the website, we recommend that you obtain considered and independent advice from a financial professional who understands your financial needs.
Advertiser Disclosure: Businessbytes.net does not include all the available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers. Card Listings and other financial products that appear on this site are from financial companies for which businessbytes.net may receive compensation. This compensation may impact how and where products rankings on this site including, for example, the order in which they appear.
Everything To Know About Gold Rates
In August of 2011, gold prices soared and reached its crescendo at a cool $1,900 an ounce, an all-time high in the daily gold price. Experts were not too concerned at that point in the sudden all-time record of increase in gold prices, but they freaked out at the rapid speed at which the prices were hitting them. The year started with the price of gold being just $1,400 per ounce.
On August 22nd during the after- hours of electronic trading, the price of gold touched $1,900. It then went up to its all-time high of $1,917.90 per ounce on August 23 of 2011 before it dropped to $1,880. The very same thing happened to the price of silver earlier that year when it kept going up thereby sucking everyone in before it suddenly dropped. The gold rush was definitely on. Gold has always been seen as a good hedge against inflation, but this drastic increase in the daily gold price has by far outpaced inflation at an alarming rate, which was a matter of great concern. During a span of over 10 years inflation had picked up a mere 2.4% on an annual basis, whereas the yellow metal took the world by storm with an increase of about 21% a year for the same period. Analysts say that this sudden soar in the daily gold price can be related to the debts faced by the US and Europe.
The other time when gold prices reached its peak was in the year 2016, on the 12th of February. The price of gold went up to 44 times the price of oil. The downward price movement of oil was highly significant with the price of a barrel of oil dropping down quite low, which was really an unprecedented collapse. According to experts, the gold price spikes up during the Chinese New Year, which according to them is another trend of gold to bear in mind.
We hate spams as much as you do. Get the latest financial news in your inbox!
top rated cards
Citi® Double Cash Card – 18 month BT offer
Citi ThankYou® Preferred Card
Citi Simplicity® Card - No Late Fees Ever
Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer