United States, 6th Mar 2024, King NewsWire – Gold prices have set a new record, with the spot price reaching $2,141.59 per ounce. This peak surpasses the previous record of $2,135 seen in December. The rise comes amid increasing investor concerns over Middle East tensions and expectations of US interest rate cuts.
The anticipation of a rate cut by the US Federal Reserve, expected in June, has contributed to the surge in gold prices. Lower interest rates enhance the appeal of non-yielding assets like gold.
Since the onset of the Israel-Hamas conflict, gold has increased by over $300 an ounce. Experts suggest it could surpass the $2,300 threshold, depending on future economic and geopolitical events.
Market analysis indicates a 66% probability of a Federal Reserve rate cut in June. Stable inflation could further drive gold prices upward, according to analysts.
Gold futures for April have settled at an all-time high of $2,126.30 per ounce, a record since the contract began in 1974. Adjusting for inflation, gold reached about $3,200 in 1980. Current trends suggest potential for further increases.
Year to date, gold has risen by 2.63%. Its performance remains strong despite high interest rates and a strong dollar, partly due to significant purchases by central banks following geopolitical events.
Analysts anticipate that easing inflation and weaker economic indicators could prompt the Federal Reserve to reduce interest rates, potentially lifting gold prices further
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