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The gold price continued its recent rise, reaching the highest level of the last year amid speculation that interest rates in the US will not rise as much as before. The price of an ounce (about 31.1 grams) of the precious metal temporarily rose to US$2,045 on the London Stock Exchange on Thursday.
This is the highest level since March 2022. The price is just below $2,075, the record high for the summer of 2020. Thursday afternoon the price was $2,040. That’s about $25 more than the previous day.
good news from the USA
New data from the US labor market and price developments in the US boosted gold prices. The number of initial jobless claims was higher than expected, showing the first signs of a slowdown in the US job market. The development in the labor market plays an important role in terms of monetary policy in the USA. The US Federal Reserve has been trying to control high inflation by raising interest rates for over a year. A strong labor market is seen as a driver of inflation.
Moreover, speculations that interest rates will increase less were supported by price data from the USA. Producer-level momentum weakened more than expected in March. (SDA/kae)
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.
