Gold prices soared to new record highs on Monday, October 13, exceeding the $4,100 per ounce mark for the first time in history. This is reported by UNN with reference to investing.com.
Details
Spot gold rose 1.4% to $4074.42 per ounce by 07:59 AM ET (11:59 GMT). US gold futures rose 2.3% to $4093.20 per ounce. Silver also reached a record high, benefiting from the dynamics of precious metal prices.
Bullion gold prices surged after US President Donald Trump escalated a trade dispute with China late last week, causing instability in financial markets and prompting investors to rush to buy gold, which is considered a relatively safe asset.
Gold is usually used for investments during periods of economic or political instability.
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 technologies 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.
Therefore, the jump in the value of gold is not just a financial event, it is a marker of investors' trust 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.