The cost of gold has once again reached a record high.

Gold prices have increased by 57% since the beginning of the year, setting new records.

The price of gold has surpassed the $4,100 per ounce mark, reaching a new all-time high. Financial analysts attribute this to the anticipated reduction of the interest rate by the U.S. Federal Reserve.

According to Reuters, the spot price of gold on Tuesday morning rose by 1.7% to $4,179.48 per ounce, before slightly decreasing to $4,142.90 by 5:00 PM Kyiv time. Since the start of the year, the value of gold has increased by 57%, overcoming the significant psychological threshold of $4,100 for the first time. These changes are driven by market participants’ expectations of a Fed interest rate cut, projected to occur in October and December.

Financial institutions such as Bank of America and Societe Generale forecast that by 2026, the price of gold could reach $5,000. Standard Chartered has already revised its gold forecast for 2024, raising it to $4,488. In addition to gold, a significant increase is also observed in other precious metal segments: the price of silver has risen by 2.2% to $53.60, platinum by 1.9% to $1,677, and palladium by 2.1% to $1,505.75.

Gold prices are further supported by growing concerns over a potential trade war between the U.S. and China. This metal is becoming an increasingly popular asset in the international reserves of central banks, gradually pushing the euro to the third position. Experts believe these trends could continue if political instability and economic uncertainties persist on a global level.