Gold Hits All-Time High on Pandemic Crisis
Gold reached a then-record $2,075 in August 2020 as the COVID-19 pandemic triggered massive monetary stimulus. Unprecedented money printing and near-zero rates made gold a primary safe haven.
Key Events in 2020
- COVID-19 pandemic triggered global lockdowns
- Fed slashed rates to near zero and launched unlimited QE
- Gold hit all-time high of $2,075 in August
- US government passed $2.2 trillion CARES Act
Key Factors
Frequently Asked Questions
Did gold reach a record in 2020?
Yes, gold reached a then-all-time high of $2,075 per troy ounce in August 2020, driven by pandemic-related economic uncertainty, near-zero interest rates, and massive central bank stimulus programs.
How did COVID-19 affect gold prices?
COVID-19 was extremely bullish for gold. The pandemic caused a flight to safety, while the massive monetary and fiscal response (rate cuts, QE, stimulus checks) created fears of currency debasement, pushing gold up 25.1% for the year.
Important disclaimer
This website is for informational purposes only and is not financial advice. Always speak with a licensed financial advisor before making investment decisions.