Record High Gold Spike

Early on Monday morning December 4th, gold prices peaked at a record high of $2152.30 per troy ounce. (approx.. £1652/oz or £53.10/gram), although the price fell for a morning fix of $2066.95/oz (£1632.68/oz). The continuing GBP high fix of £1647.13/oz (£52.95/g) occurred on the morning of October 26th 2023.

Silver also peaked at just over £20/oz, but since those early morning bullish highs, both metals have fallen in price although continuing to remain strong and awaiting their next spikes.

A weaker dollar on the foreign exchange markets in combination with increasing tension in the Middle East, the Russia-Ukraine War and ongoing safe haven demand has seen both gold and silver sit at bullish prices for some considerable time. If the Covid-19 pandemic is added to the mix, prices have been at a very high level since April 2020 with no signs of any weakening just yet. Indeed, with the heightened threat of Iranian and Yemeni involvement in the Middle East turmoil, then prices are likely to rise even more.