The silver price has reached its highest level since October 2013, while the gold price is also on the rise. The demand for the precious metals is increasing because investors are looking for safe havens to invest in because of the turmoil caused by the corona crisis.
The price of a troy ounce of silver (31.1 grams) climbed to $ 22.83 on Wednesday morning. The silver price is also rising due to the expectation that demand from industry will increase due to the economic recovery from the corona crisis. Silver is widely used in electronics, among other things.
The price of gold is now at $ 1,865 per troy ounce. As a result, the gold price is increasingly approaching the record of more than $ 1,900 set in September 2011. The gold price is also helped by global economic stimulus, such as interest rate cuts. Investments in gold are viewed as a form of protection against currency depreciation and inflation.