Gold price hits new record high of over $2100 per ounce

The precious metal broke its previous record, set in August 2020, amid rising expectations of a rate cut in the United States. This is reported by UNN with reference to Bloomberg.

Details

On Monday, the price of gold for gold rose to a record high of $2135, which is significantly higher than the previous all-time high of USD 2075. The upward trend in the price of was reinforced by a number of data indicating a slowdown in US inflation, as well as the impact of speculation that the US Federal Reserve may may cut interest rates. The latter is supported, in particular, by the comments of Fed Chairman Jerome Powell, which traders have interpreted as a "green light" to increase activity in the purchase of safe assets.

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As Bloomberg points out, today's strength of the precious metal was also supported by a wider range of factors: from a wave of purchases by governments and central banks to geopolitical uncertainty, as 41% of the world's population is set to go to the polls next year.

Gold is the answer to a lot of things at the moment - whether it's continued inflation, whether it's rate cuts, whether it's uncertainty with very expensive wars going on

Reference

According to the conclusion of analysts, gold has risen in price by more than 600% since the beginning of the new millennium, but the price still remains below the maximum of $850 (adjusted for inflation), which was reached in January 1980.

Supplement

As CNBC writes, prices for the yellow metal have been rising for two months in a row. This is due to the war between Israel and Hamas. Gold tends to perform well in times of economic and geopolitical uncertainty due to its status as a reliable store of value. value.

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