On Friday, gold reached a new high above $4,300 per ounce. This was reported by UNN with reference to Reuters.
Details
Spot gold rose 0.8% to $4,359.31 an ounce as of 06:15 GMT, after earlier reaching another record high of $4,378.69. US gold futures for December delivery jumped 1.6% to $4,372.10.
The price of gold bullion has risen by approximately 8.6% this week and is poised for its best week since September 2008, setting record highs in each session.
Spot silver rose 0.1% to $54.26 an ounce, representing an 8% weekly gain. Earlier in the session, prices reached a record high of $54.35, following rising gold prices and a short squeeze in the spot market.
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.
So 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.