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The gold price continued its rise and reached a record level on speculation that interest rates would decrease. On Tuesday, one ounce (about 31.1 grams) traded at $2,141 (1,889 francs) on the London Stock Exchange. Precious metal has never been this expensive. The old record of December is history. The gold price also reached a record level in euro terms. Here, in 1974, more euros were paid for an ounce of precious metal than ever before.
Gold prices have been on the rise since the end of February. The price is up nearly $100 per ounce over the last three trading days. The rising price of gold is explained by the increasing demand in the market for safe investment havens, including the precious metal. Among other topics, geopolitical risks in the Middle East are also touched upon.
The main driving force behind the rise is speculation that interest rates will fall. Since gold investments do not earn interest, falling returns in the capital market increase the demand for the precious metal. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
