The COVID-19 pandemic has pushed the price of gold to a hair’s whisker of its record high reached almost a decade ago, Forbes reported. Investors should expect the rally to continue beyond that level, at least in the medium term, experts say. “We continue to be bullish on gold, believe that gold will make a new all- time high in US$, and that gold will make new all-time highs in all currencies,” states a recent report from Wolfe Research. The price of gold recently traded around $1,893 a troy ounce, putting it within easy reach of its all-time high of around $1,920 reached in 2011 in the wake of the financial crisis. So far this year investors in the SPDR Gold Shares (GLD) exchange-traded fund, which holds bars of solid bullion, has rallied 24%. That far exceeds the 0.34% increase in the SPDR S&P 500 (SPY) ETF which tracks the S&P 500. Both figures are from Yahoo and exclude dividends for the S&P 500 fund.
