The price of gold has exceeded $4,300 due to global uncertainty.
For the first time in history, gold has increased to a record level of $4,300 per ounce. Geopolitical and economic factors are contributing to the demand for this safe asset.
Gold, traditionally considered a safe-haven asset, has reached impressive price heights under the influence of current geopolitical and economic conditions. The spot price of the precious metal rose by 0.2%, reaching $4,335.87 per ounce, with the maximum price during trading reaching $4,392. U.S. gold futures also jumped by 1%, settling at $4,348.90.
The price increase is driven by expectations of interest rate cuts in the U.S. and concerns regarding the stability of the banking system. Federal Reserve Chairman Christopher Waller expressed support for a potential rate cut, which further stimulates interest in gold among investors. Many of them predict further price increases for the precious metal amid adverse geopolitical conditions and expectations of rate cuts.
The Relative Strength Index (RSI) for gold currently stands at 88, indicating that the asset is overbought. While the price of gold is rising, spot silver has decreased by 0.5% to $53.96 per ounce. Platinum and palladium also recorded declines of 3.3% and 2.9%, respectively.
Financial analysts note that the gold market may continue to demonstrate growth due to the uncertainty caused by international political and economic factors, as well as changes in the monetary policy of leading countries.
| Metal | Price (USD per ounce) | Change (%) |
|---|---|---|
| Gold | $4,335.87 | +0.2 |
| Silver | $53.96 | -0.5 |
| Platinum | $1,656.90 | -3.3 |
| Palladium | $1,566.30 | -2.9 |
