Today the gold price reached a record high at $1,043.30 an ounce, while the dollar dropped due in part because of a report that the Gulf Arab states were considering abandoning the dollar.
Countries like Russia, Saudi Arabia, Japan, China, and France have been rumored to be in talk, and there’s speculation that they may attempt to replace the U.S currency with a basket of currencies. This rumor has been denied by Saudi and Russian authorities.
If the Dollar continues to decline it could push the price of gold to new highs. Metals like platinum and silver have also seen gains as gold has climbed in value.