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Gold Price at Risk of Breaking Record High

The gold price may break its record high of $2,075/oz., set in August 2020, as US retail sales and Michigan consumer sentiment are set to be released later. Investors have turned to gold as a safe haven asset amid the COVID-19 pandemic and the uncertain economic conditions it has caused. Analysts predict that the price of gold may continue to rise, especially if the US dollar declines further.

Gold Price at Risk of Breaking Record High
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The gold price is on the verge of breaking its record high of $2,075/oz., set in August 2020. The uncertain economic conditions caused by the COVID-19 pandemic have caused investors to turn to gold as a safe haven asset. With US retail sales and Michigan consumer sentiment set to be released later, analysts predict that the price of gold may continue to rise. This may be further exacerbated if the US dollar continues to decline. The price of gold is closely watched by investors around the world, as it is often seen as an indicator of economic stability.

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