The precious metal is rising in price on expectations of interest rate cuts by the US Federal Reserve, high geopolitical risks and active demand from central banks.
World gold prices set another record, surpassing $2,400 per ounce for the first time in history. This was confirmed by the trading results on Friday, April 12.
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Quotes for June gold contracts on the New York Comex exchange at 12.00 Kyiv time jumped 1.7% to $2,413.9 an ounce. Since the beginning of the year, the precious metal has increased in price by more than 14%.
The rally in precious metals was caused by expectations of a decrease in interest rates by the US Federal Reserve, high geopolitical risks and active demand from central banks, notes MarketWatch. Analysts predict that these factors will not go away and the rally will continue.
“Only minor statistics from the US are expected next week and gold is unlikely to come under significant pressure,” said Thu Lan Nguyen, head of commodities research at Commerzbank.
Meanwhile, Saxo Bank’s Ole Hansen pointed to technical resistance at $2,450, $2,500 and $2,645 per ounce but said the correction, if it happens, is likely to be small.
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. In early April, the price of gold reached a new all-time high.
Source: korrespondent
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