Category: Gold News

Price of gold hits record high amid economic, geopolitical tensions

In global markets, gold is on the rise fueled by predictions
that the U.S. Federal Reserve (FED) will lower interest rates this
year, Azernews reports.

The sharp increase in the price of gold persists, reaching a new
record today.

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In the past six sessions, bullion has gained approximately 7%,
with the price of one ounce of gold reaching $2167 today. Over the
past year, gold has appreciated by more than 18%.

Federal Reserve Chair Jerome Powell stated on Wednesday that it
would be appropriate to begin reducing interest rates. Citigroup
has raised its gold price forecast for the next three months to
$2200 per ounce and increased its forecast for the next 6-12 months
to $2300.

Lower interest rates enhance the attractiveness of gold.
Typically, when the FED reduces interest rates, the U.S. Dollar
depreciates. It is expected that central banks will continue their
gold purchases amid geopolitical uncertainties. The slowdown of the
Chinese economy is also anticipated to impact global economic
growth. Therefore, in an uncertain financial environment, gold
remains a secure investment for banks and investors. These factors
contribute to the ongoing appreciation of gold.

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Written by : Editorial team of BIPNs

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