Gold Price: Gold prices have reached an eight-year high

Gold Price: The price of gold reached its maximum in eight years. The peak value during the auction was $ 1,775 per troy ounce (31.10 grams), according to Bloomberg.

On average, the price of the precious metal jumped 1.2% to $ 1,764.73, but by the evening it dropped to $ 1,737. Also, palladium went up by 8%, platinum by 3%, silver by 4%.

Experts attribute the growth in quotations with negative forecasts about the timing of the completion of the coronavirus pandemic.

In addition, the US Federal Reserve announced that the economy is experiencing a significant recession and will recover no earlier than 2021.

After reaching a peak value, the price of gold declined. Kitco.com senior analyst Jim Wyckoff told MarketWatch that this was due to the announcement by biotechnology company Modrna.Inc about the development of an effective vaccine against CoViD-19.