Gold price breaks records: exceeds $2,700 per ounce for the first time
Kyiv • UNN
Gold hit a record high of $2711.99 per ounce due to tensions in the Middle East and the US election. The weekly growth was 2%, and the yearly growth was over 30%, driven by expectations of a Fed rate cut.
For the first time in history, the price of gold has crossed the $2,700 per ounce mark, with tensions in the Middle East and the upcoming US elections as the prerequisites for this growth. Bloombergwrites about it , UNN reports.
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Gold reportedly rose by 0.7% to $2,711.99 per ounce, breaking the all-time high set in the previous session.
The market is influenced by geopolitical events, which are becoming increasingly dangerous after Israel announced that it had killed Hamas leader Yahya Sinwar.
The gold price was also affected by the upcoming US elections on November 5.
Gold rose by about 2% over the week. Experts attribute this to expectations that the US Federal Reserve will cut interest rates.
It is also noted that the growth of gold this year was more than 30%.
Western investors also contributed to the price increase, after they largely stayed away in the first half of the year. The U.S. central bank's move to looser monetary policy has increased the attractiveness of exchange-traded funds, Bloomberg writes .
In October, their volume increased for the fifth time in a month, the longest inflow since 2020.
As of 11 a.m. in Singapore, spot gold was trading at $2,708.71 an ounce. Silver, palladium, and platinum all rose.
