LONDON, January 26. /TASS/. The gold price has hit a new all-time high, having surpassed $5,000 per troy ounce, after posting its biggest weekly gain since the 2008 financial crisis amid political unrest and a weaker dollar, the Financial Times (FT) newspaper said.
The price of gold continues to rise as investors flock to this safe-haven asset amid rising geopolitical tensions and growing concerns about government spending in developed countries, including Japan, according to the publication.
The historic growth in the precious metal's value over the past two years is driven by a surge in investor interest and central banks' desire to diversify their portfolios away from the dollar, the paper said.
According to Samantha Dart, co-head of global commodities research at Goldman Sachs, this is an option for investors allowing them to diversify their investments in the face of uncertainty in monetary and fiscal policy. Among the factors driving the rise in precious metal prices, she cited the developments in the Japanese bond market as gold is viewed as a safe haven.