In the current pandemic, Germans are increasingly choosing to buy gold. One of the largest gold trading companies, Pro Aurum reported unprecedented higher interest in precious metal in the first quarter of 2020 compared to the same period in 2019.

During the first quarter, the company sold more than ten tonnes of bullion and coins, compared to nearly five tonnes sold in the same quarter of the previous year. In January, sales increased by 10%, in February – by 25%, and in March the company was already flooded with orders.

Pro Aurum sold 6.2 tonnes of gold in March alone, which is four times more than in March last year when sales were 1.5 tonnes.

Before Easter, interest was so high that the online store was only open for an hour and the number of orders was temporarily limited to 500 per day. The situation has only partially calmed down over the last few days.

Apparently, the pandemic crisis has deeply alarmed certain German citizens who consider gold a safe investment and the so-called “asylum asset”.

Increased demand from large investors also affects the price of precious metal. In the early afternoon Bulgarian time on Friday, gold rose 0.77% to 1,758.10 USD per ounce, slightly lower than the record high of 1,900 USD in 2011.

Exchange-traded gold is trading at a near 7-year high as the pandemic triggers an unprecedented wave of stimulus from governments and central banks. The global economy is likely to suffer its worst decline since the Great Depression this year, so investors are seeking refuge from market turmoil.

Following a tumultuous March sell-off, with stock prices plummeting, gold is now recovering at full strength.