He gold priceconsidered as the most valuable active refuge in the worldsoared to an all-time high, but how much is it worth?
Over time, gold has maintained and/or increased its value, positioning itself very above the shares of any company.
However, on Friday, August 16, 2024, gold reached its all-time high and its valuable price per ounce equals thousands of dollars.
An ounce of gold sells for up to $2,500, reaching a historic record
The price of gold this Friday soared, selling for up to $2,500 per ouncea price considered a historical record.
This valuable price was attributed to recent political tensions and global geopolitical risks. Added to the previous value is the prospect of a US rate cuts.
It was shortly after 1:00 p.m. on Friday when it was reported that the value of an ounce of gold increased to $2,487.50 after registering a rise in its value of 1.24%.
Prior to this figure, its historical maximum recorded was 2,500.16 dollars per ounce of goldthus reaching a new record and breaking the previous one, which dated back to mid-July.
Gold price is going down (Pixabay)
Why did the price of gold skyrocket?
The price of gold soared following the release of data on the slow dynamism of the new home construction sector in the United States for July 2024.
This fact was seen as a new negative signal for the country’s economy and, given the fears of recession in the world’s largest economy, the markets reinforced their expectations of rate cuts by the Federal Reserve American (Fed).
The price of gold has also been helped by political tensions and the tense geopolitical context in the Middle East, according to Carsten Fritschanalyst at Commerzbank.
This is a consequence of the war that has been going on in the Gaza Strip for ten months between Israel and the Islamist group Hamas.
Taliban protest alongside Hamas militants over death of Ismail Haniyah (Mohsen Karimi/AFP)
2024-08-19 03:21:57