New historical record: cost of gold exceeded 3.3 thousand dollars per ounce

The cost of gold again updated the historical record and exceeded 3.3 thousand dollars per ounce. RIA Novosti reported.

By 08:17 Moscow time June gold futures on the New York Comex exchange rose by $61.22, or 1.89% against the previous close - up to $3,301.62 per troy ounce. May silver futures were also on the rise - by 0.49% to $32.455 per ounce.

Demand for gold as a safe-haven asset increases when there is geopolitical uncertainty or tension in the global economy. But some economists caution against buying it when historical prices are at their highest.

Thus, Vitaly Manzhos, stock market expert at BKS Investment World, noted that now buying gold does not look like the most attractive way of investing for a short and medium term. According to him, the ratio of risk and potential income is worse than when investing in some other assets.

At the same time, Luchen Wang, a Shanghai-based analyst at Galaxy Futures Co. predicted in a commentary for Bloomberg "Gold’s appeal as a safe-haven asset means it’s more likely to rise than fall in the near- to medium-term."