2024-04-09 23:57:07
Gold prices continued their record rise on Monday, driven by speculative operations and continuing tensions in the Middle East that overshadowed the strong US jobs data released last week.
Gold rose in instant transactions 0.3 percent to $2,335.73 per ounce, by 0646 GMT, after hitting a record high of $2,353.79 earlier in the session. US gold futures rose 0.4 percent to $2,354.50.
“If you look at futures pricing, you’ll see signs now that there’s some momentum in the market… to the point where we’re seeing a little bit of over-optimism about the outlook for gold at the current level,” said Kyle Rodda, a financial markets analyst at Capital.com.
He added that geopolitical tensions in the Middle East could be another impetus for gold.
In practice, demand for gold in India remained tepid last week due to reluctance to buy as a result of the sharp rise in local prices, while prices remained stable in China, the largest consumer of gold.
As for other precious metals, silver rose in spot transactions 1.1 percent to $27.77 per ounce. Platinum rose 0.1 percent to $927.78 per ounce, and palladium increased 0.2 percent to $1,001.76 per ounce.
Last updated: April 8, 2024 – 22:29
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2024-04-09 23:57:07