Global precious metal prices are showing rapid growth amid global geopolitical instability and the weakening of the American currency. On Thursday, January 22, the value of gold crossed a psychological barrier for the first time in history, while silver and platinum also updated their record highs. This was reported by Reuters, writes UNN.
Details
As of the evening, the spot price of gold rose to $4,917.65 per ounce. At the same time, the US dollar index fell by 0.4%, which made precious metals more accessible to foreign investors.
Market experts note that the main drivers of growth are expectations of a softening of the Fed's monetary policy and the general trend towards de-dollarization of the world economy.
Impact of geopolitics and the situation around Greenland
An additional factor of tension was the statements by US President Donald Trump about gaining access to Greenland as part of agreements with NATO.
Despite Washington's statements about strengthening its presence in the Arctic to deter Russia and China, Denmark continues to insist on the inviolability of its sovereignty over the island. This uncertainty forces investors to seek protection in proven assets.
Records of silver, platinum and palladium
Silver showed impressive dynamics, reaching $96.58 per ounce. Analysts emphasize that this metal benefits not only as a safe asset, but also due to a convincing fundamental narrative. The price of platinum rose by 4.6%, settling at $2601.03, while palladium rose to $1900.59 per ounce.
Analysts' forecasts
Market strategists believe that any short-term price decline will be used by major players as an opportunity to buy. According to financial analysts' forecasts, the next target for gold will be the $5000 level, and long-term calculations using the Fibonacci sequence indicate a potential for growth to $5187.79 per ounce.
Goldman Sachs raises year-end gold price forecast to $540022.01.26, 10:27 • [views_2508]
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