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Gold Price Exceeds Historical Maximum of $1,911.6 per Ounce, Market Data Shows

© REUTERS / Siphiwe SibekoGold bars are displayed at South Africa's Rand Refinery in Germiston in May 30, 2006.
Gold bars are displayed at South Africa's Rand Refinery in Germiston in May 30, 2006.  - Sputnik International
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Investors have recently jumped on buying gold, pushing its price to rise rapidly amid uncertainty in the global financial markets due to the new coronavirus pandemic.

The price of gold has surged above $1,911.6 per ounce, exceeding its highest price in history, market data showed on Sunday.

As of 23:51 GMT, the price of an August futures contract at COMEX exchange in New York was at $1,911.7 per ounce.

The previous record of $1,911.6 per ounce was set in 2011.

The World Bank earlier predicted that the average price of gold, which is the traditional safe haven from risks for investors, will rise 15 percent year-on-year to $1,600 per ounce in 2020 and will slightly retreat to $1,590 per ounce next year.

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