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Gold price pushed to record high by Beirut explosion, analysts say - Business Insider

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The catastrophic explosion that ripped through Beirut may have helped push gold to a fresh record-high, analysts say

Mizuho's view was backed up by Stephen Innes, chief global market strategist at AxiCorp, who attributed some of the rise to gold's correlation with oil prices, which jumped after the blast.

"Momentum is strong, likely coupled with some short covering, in line with the pop in crude oil prices on the news of an explosion in Beirut."Gold's price has jumped by over 30% year to date and crossed the "significant psychological threshold" of $2,000 as investors display a lack of confidence in other investments and favor bullion as a store of value, said Adam Vettese, an analyst at multi-asset investment platform eToro.

 

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