On Friday, April 11, gold prices reached a record high. This was reported by the Financial Times, reports UNN.
Details
On Friday morning in Asia, gold rose 0.5% to $3,189 per troy ounce. On Thursday, prices rose 3.9% amid a general sell-off of US stocks and US Treasury bonds. This sale was caused by concerns about a possible economic downturn and a full-scale trade war between the US and China.
Recall
The United States of America and China are fighting for rare earth metals, which affects economic stability. The confrontation between such financial heavyweights directly affects stock markets, oil prices and overall global economic stability.
At the same time, russia benefited from buying up gold before the war against Ukraine. This made it possible to compensate for a third of the frozen reserves: the value of gold reserves increased by 72%, or $96 billion, since 2022.