High prices for gold bars were also supported by a number of circumstances in the world, such as the political crisis in France and the shutdown of the US government. But in some cases, there has been a noticeable improvement in the situation, which immediately affected the figures that can be seen in current gold trading.
Reports UNN with reference to Investing.
Details
Gold prices fell slightly in Asian trading on Thursday, October 9, amid a number of news from around the world. The key event that somewhat curbed demand for gold was the situation in the Gaza Strip, where a ceasefire between Hamas and the Israeli military is currently observed. As is known, Israel and Hamas agreed to the first stage of a 20-point framework agreement proposed by US President Donald Trump.
In addition, bullion prices remained underpinned by concerns about Japan's financial health, the impact of the ongoing US government shutdown, and the political crisis in France.
So, currently:
- Spot gold fell 0.1% to $4039.34 per ounce;
- gold futures for December fell 0.3% to $4056.67 per ounce;
We also note that spot gold reached a record high of $4059.34 per ounce just half a day ago.
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 strengthens 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," Olena Sosedka summarized. She also added that the rise in the price of gold only means that investors are preparing for a weakening of the dollar. A weaker dollar makes gold cheaper for international buyers, creating a powerful incentive for its price to rise.