On Monday, October 13, gold rose to a record high amid renewed trade tensions between the United States and China. This was reported by UNN with reference to Reuters.
Details
As of 05:38 GMT, spot gold rose 1.5% to a record high of $4078.05 per ounce. US gold futures for December delivery rose 2.3% to $4093.50. Spot silver jumped 2.7% to a record high of $51.70 per ounce.
At the same time, platinum rose 2.9% to $1635.35, and palladium rose 3.6% to $1452.50.
Recall
According to fintech expert and co-founder of Concord Fintech Solutions Olena Sosedka, the rise in gold prices is a signal for the modern fintech market that although technology can make finance more convenient, trust is based on values proven over centuries.
And geopolitical instability further enhances the importance of gold in the international market. "Wars, trade conflicts, unpredictable decisions of world leaders - all this creates an atmosphere of constant instability, in which gold becomes a universal insurance.
So the jump in the value of gold is not just a financial event, it is a marker of investor confidence in the modern economy," summarized Olena Sosedka. She also added that the rise in the price of gold only means that investors are preparing for a weakening dollar. A weaker dollar makes gold cheaper for international buyers, creating a powerful incentive for its price to rise.