Since the beginning of this year, precious metal increased in price of 37% after growth of 27% by results of 2024.
The price of gold has updated the maximum history and in the first instance exceeds $ 3600 per ounce. This was confirmed by data in the Comex Exchange on Friday, September 5.
Thus, during December futures’ quotes trading for precious metal, they rose 1.2% and reached $ 3554.2 per ounce.
According to Reuters, weak data from the US manufacture market has enhanced expectations of reducing Federal Reserve System’s interest rates, which supports the gold market.
The number of US economy jobs in August increased by only 22 thousand, while analysts on average predicted an increase of 75 thousand. In addition, the data in June and July, together, changed towards a reduction of 21 thousand.
Last month, unemployment in the country rose 4.3% compared to 4.2% last month. Thus, it has reached the maximum level since October 2021.
Traiders are now reviewing the possibility of reducing Fedetreva’s base rate in September 25 main points by 84% and at the same time by 50 main points – at 16%, Reuters reported.
Since the beginning of this year, precious metal increased in price of 37% after 27% growth according to the results of 2024, which was facilitated by the weakening of the US dollar, the purchase of gold by the central banks of the world, the softening of the financial policy and the general geopolitical and economic uncertainty.
Earlier this week, it was reported that gold prices continued to grow a record against the rear of hopes of reducing US Federal Reserve rates and increased demand for investors and central banks. Gold positions are strengthened as a protective possession.
It is also reported that gold became the second most popular owner in the international reserves of World Central Banks in 2024, which exceeded the Euro.
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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.