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Gold prices rose to record levels again

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Gold is rising in price amid expectations of easing monetary policy by the world’s top central banks and the need for safe-haven assets due to geopolitical tensions.

Gold prices continued to rise on Tuesday and hit a new all-time high. This was confirmed by the trading results on August 20.

Thus, December gold futures rose by 0.78% and reached $2,561.00 per ounce. Since the beginning of the year, the precious metal has increased in price by almost 22%.

Western agencies wrote that gold is rising in price amid expectations of easing monetary policy by the world’s leading central banks and strong demand for reliable assets due to geopolitical tensions.

Signs of weakening inflation in the US, along with worsening labor market indicators, have raised expectations that the Federal Reserve will start to rate in the near future. The market currently expects a rate cut of 100 basis points before the end of the year. Since there will be three more US Central Bank meetings in 2024, the forecast assumes that at least one of them will raise rates by 50 basis points instead of the usual 25 bps.

Inflation is also slowing in other major economies. Thus, the Swedish Central Bank on Tuesday lowered the key interest rate by 25 bp. – up to 3.5% per year. The regulator pointed to the continued slowdown in consumer price growth in recent months and inflation approaching the 2% target. The management of the Central Bank plans to cut the rate twice or even three times by the end of this year if the current inflation trajectory continues.

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. At the beginning of August, the price of gold reached a new all-time high.

Almost 30 kg of gold was seized from a Russian at the airport
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Source: korrespondent

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