World prices for precious metals continue to rise on Thursday amid economic uncertainty and increasing US national debt. The spot price of gold closely approached the $5600 per ounce mark, setting another historical high, while the value of silver fluctuates around $120. This is reported by Reuters, writes UNN.
Details
Analysts name the weakening dollar and active purchases by central banks as the main factors influencing the market. In addition, investors are increasingly choosing gold as a neutral asset to preserve value in the conditions of the breakdown of the usual global trading system into separate regional blocks.
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Gold is no longer just a hedge against crises or inflation; it is increasingly seen as a neutral and reliable store of value that also provides diversification across a wider range of macroeconomic regimes
Since the beginning of the week, the price of the metal has increased by more than 10%, which confirms the stable demand for safe assets amid geopolitical tensions.
Market indicators and forecasts
During trading, the spot price of gold rose by 2.6%, reaching a peak of $5,591.61 per ounce. Silver also shows high dynamics, almost crossing the $120 mark. Marex experts add that fears about the stability of the US financial system are forcing large market players to reallocate capital in favor of metals, ignoring the volatility of other financial instruments.
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