The gold price has risen to the highest level in six years, APA reports citing Tellerreport.
The price has been on the rise for several days as trade tensions between the United States and China have increased since last Thursday. In the event of uncertainty on the financial markets, investors quickly flee to precious metals such as gold.
The gold price rose by 1.5 percent on Wednesday during trading hours to $ 1,495.40 (about 1,335.33 euros) per troy ounce (rounded 31.1 grams), the highest price since April 2013.
Investors flee en masse to gold due to an escalation in the trade war between China and the US. On Thursday, US President Donald Trump announced new import tariffs on Chinese goods. On Monday, the Chinese struck back by allowing a weakening of the Chinese currency, the renminbi.
The financial markets reacted poorly to the escalation in the trade war. For example, the AEX index in Amsterdam lost more than 3 percent of its value in the last four trading days.
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