The day before, the results of the July meeting of the US Federal Reserve were published, which affected gold prices.
The price of gold for the first time in history exceeded the mark of $2,500 per troy ounce after the US Federal Reserve System (FRS) kept its rate and due to growing geopolitical risks. This was confirmed by the trading results on Thursday, August 1.
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So, this morning the price of December gold futures on the Comex exchange in New York rose by $17.2 or 0.7% to $2,490.2 per ounce. A little earlier in the trading period, the number exceeded $2,500 for the first time. At its peak it reached $2502.6.
In turn, September silver futures rose in price by 0.43% to $29.062 an ounce.
On Wednesday evening, the results of the July meeting of the US Federal Reserve were published. For the eighth time in a row, the regulator kept the base interest rate at 5.25-5.5% per annum. The US Federal Reserve’s monetary policy decisions are reflected in the dollar exchange rate, which in turn affects gold prices.
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 May, the price of gold reached a new all-time high.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.