Gold tops $1,800 for the first time since February

Yellow metal gains as global inflation anxiety builds

Gold traded up on Thursday, surpassing $1,800 per troy ounce for the first time since early February.

Having peaked at an all-time high of $2,074.25 last August due to the mass global market uncertainty in the wake of the COVID-19 crisis, the yellow metal has floundered.

A traditional safe-haven asset against risk for millennia, gold was expected to benefit from the unprecedented levels of money creation employed by governments and central banks in the past year.

The rally failed to fully materialise, however, with attention shifting towards supposed digital stores of value such as Bitcoin and gold falling as low as $1,700.

Having initially dismissed the possibility, the past month or so has seen a slew of central bankers recognise the likelihood of high inflation. Both the Federal Reserve and the Bank of England have recently ceded that inflation in both countries is likely to rise above their 2% targets, though both described the trend as transitory.

With opinion split as to how high inflation could go or how long it could last for, gold traded up 1.3% by mid-afternoon at $1,813 per ounce.

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