2024-04-17 10:28:19
On Tuesday, gold stabilized near the highest level with the rise in demand, as prices jumped by a fifth since mid-February, according to the American “Bloomberg” agency.
Gold rose in spot transactions by 0.1 percent, on Tuesday morning, to reach $2,384.75 per ounce, close to its highest level ever at $2,431.52, which it reached on Friday, according to the agency.
Citigroup said in a note, according to Bloomberg, that it raised its estimates of gold prices for the year 2024 to $2,350 per ounce, and made a “significant upward revision of 40 percent” to its estimates in 2025, expecting gold to reach the level of $2,875 next year. .
This came after the Goldman Sachs Group said, on Friday, that the yellow metal is in a “rising market,” and raised its price expectations by the end of the year to $2,700.
Gold rose by 1.7 percent in the previous session as attention turned to a possible counter-strike by Israel, threatening to start an “all-out war” between the two powers in the Middle East.
Israeli military officials stressed that they had no choice but to respond, while the United States and Europe urged restraint, according to the agency.
Wall Street’s so-called “fear index”, the Chicago Stock Exchange’s volatility index, rose to its highest level since late October.
The tension is adding more momentum to gold’s rally, which is happening even as expectations on the timing of the US Federal Reserve’s interest rate cut are postponed.
However, gold’s rise is supported by other strong factors, including purchases by central banks, increased demand from Chinese consumers, and rising geopolitical risks.
Last updated: April 16, 2024 – 14:28
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2024-04-17 10:28:19