Gold Price Reaches Unprecedented Peak
Gold has surged past $2,600 per ounce for the first time as investors flock to safe-haven assets during global uncertainty. Read Full Article at RT.com.
TroibNews 
The price of gold climbed to unprecedented levels on Friday, surpassing $2,600 per ounce as global investors increasingly sought safe-haven assets.
Spot gold prices surged 1.13% to an all-time high of $2,609.8 per ounce before giving back some of those gains. For the week, prices increased by approximately 4%, and so far this year, they have risen by 23%, far exceeding the 13% increase noted for the entirety of 2023.
Gold's ascent comes on the heels of reports suggesting that the US Federal Reserve may be poised to cut interest rates by 50 basis points next week, moving from the current range of 5.25% to 5.50%, which is the highest level seen since 2001. Such a reduction in borrowing costs typically enhances the attractiveness of non-yielding gold.
Analysts attribute this surge to heightened investor interest in safe-haven assets amidst global uncertainties and escalating geopolitical tensions in the Middle East and Eastern Europe.
Traditionally, investors have turned to gold during times of market volatility as a means of hedging against risks and preserving value. For millennia, bullion has been regarded as a safe haven through periods of economic disruption, stock market downturns, military conflicts, and pandemics.
Additionally, the depreciation of the dollar has contributed to gold's price growth. The greenback has reached its lowest point of the year against a range of other currencies as anticipation builds around the expected interest rate cuts by the Federal Reserve.
Bank of America recently projected that gold prices could potentially rise to $3,000 per ounce within the next 12 to 18 months.
Other precious metals experienced gains on Friday as well, with platinum rising 2.36% to over $1,000 per ounce, while silver increased 3.3% to above $31.
Allen M Lee contributed to this report for TROIB News
Spot gold prices surged 1.13% to an all-time high of $2,609.8 per ounce before giving back some of those gains. For the week, prices increased by approximately 4%, and so far this year, they have risen by 23%, far exceeding the 13% increase noted for the entirety of 2023.
Gold's ascent comes on the heels of reports suggesting that the US Federal Reserve may be poised to cut interest rates by 50 basis points next week, moving from the current range of 5.25% to 5.50%, which is the highest level seen since 2001. Such a reduction in borrowing costs typically enhances the attractiveness of non-yielding gold.
Analysts attribute this surge to heightened investor interest in safe-haven assets amidst global uncertainties and escalating geopolitical tensions in the Middle East and Eastern Europe.
Traditionally, investors have turned to gold during times of market volatility as a means of hedging against risks and preserving value. For millennia, bullion has been regarded as a safe haven through periods of economic disruption, stock market downturns, military conflicts, and pandemics.
Additionally, the depreciation of the dollar has contributed to gold's price growth. The greenback has reached its lowest point of the year against a range of other currencies as anticipation builds around the expected interest rate cuts by the Federal Reserve.
Bank of America recently projected that gold prices could potentially rise to $3,000 per ounce within the next 12 to 18 months.
Other precious metals experienced gains on Friday as well, with platinum rising 2.36% to over $1,000 per ounce, while silver increased 3.3% to above $31.
Allen M Lee contributed to this report for TROIB News
