Gold prices are rising against the backdrop of a weakening US dollar and lower yields on US government bonds.
The price of gold has reached a new all-time high and continues to rise. This was confirmed by the trading results on Thursday, March 7.
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So, April contracts on the New York Comex exchange rose $6.35 to $2,164.55 an ounce.
Trading Economics said the rally was supported by a weakening US dollar and lower government bond yields. This, in turn, is due to expectations that the US Federal Reserve System (FRS) will soon start lowering interest rates amid the country’s deteriorating economic situation.
Based on futures quotes for the rate, traders estimate a 70% chance the Federal Reserve will cut it in June.
Market analysts also expect gold prices to go higher as bullish sentiment remains dominant.
Let’s remember that at the beginning of December 2023, the price of gold exceeded $2,100 per ounce for the first time in history. At the time, analysts predicted that the price of the precious metal could remain above $2,000 per ounce in 2024.
Earlier it was known that the Russians were taking gold out of the country in large quantities. So, more than 200 kg of gold was seized from one man. At the same time, he had difficulty confirming the source of the bullion, the funds from which he obtained them, as well as the purpose of gold export.
Source: korrespondent
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