Gold has already reached a record high in price for the fifth time this month, writes UNN with reference to Reuters.
Details
The spot price of gold rose 1.1% to досяг 2,209.65 an ounce after hitting an all-time high of. 2,222. 39 earlier in the day. U.S. gold futures jumped 2.4% to досяг 2,212.40.
"The price increase began after yesterday's statements by the Federal Reserve, which actually confirmed its intention to eventually start lowering interest rates in the United States. Sentiment in the gold futures market is very optimistic. So your hedge funds or any other short - term traders or trend followers expect prices to rise, and I think this is the segment that drives the market right now, while the physical gold market remains rather sluggish," says Julius Baer analyst Carsten Menke.
Despite recent high levels of inflation, US Federal Reserve Chairman Jerome Powell suggested that the US central bank is likely to cut interest rates by three-quarters of a percentage point by the end of 2024. However, this will also depend on future economic data.
Recall
Gold and bitcoin are considered by investors as safe-haven assets in turbulent times, with gold being a stable asset and Bitcoin being considered a digital equivalent, although they have different underlying factors that determine their prices.