Gold has set a new historical record, surpassing $4,300 per ounce
This is reported by ThePublic.info citing Reuters.
The spot price of the metal increased by 0.3%, reaching $4,336.18, and during trading, it rose to $4,378.69 per ounce. Over the week, gold has risen by approximately 8%, marking the strongest increase in the past five years. Analysts attribute this surge to investor concerns over problems in American regional banks, trade conflicts, and expectations of further rate cuts.
According to KCM Trade's chief market analyst Tim Waterer, gold could rise even further.
"The $4,500 per ounce level may be reached sooner than expected, but much depends on how long the concerns over trade between the US and China and the threat of a shutdown last," the expert said.
Investors are actively moving funds into gold, fearing problems in the US banking system.
"The escalation of credit risks in American regional banks has given traders another reason to buy gold," Waterer noted.
