2024-04-12 17:41:10
Gold prices rose today, Friday, to reach an unprecedented peak, as the metal was supported by central bank purchases amid geopolitical tension.
Strong American economic data did not succeed in dampening the demand for gold.
By 0345 GMT, the spot price of gold rose 0.5% to $2,384.34 per ounce, and the metal recorded an unprecedented high level of 2,395.29 earlier in the session.
US gold futures increased 1.2% to $2,401.80.
Luca Santos, an analyst at ACI Securities, said: “The only thing that definitely pushes central banks to buy gold is the wars that occur globally. If we look at history, this always happens because gold is a safe haven.”
Despite the recent inflation data and the strong US jobs report last week, which raised more questions about the feasibility of lowering interest rates this year, gold is heading for its fourth consecutive weekly rise and recording an increase of more than 15% since the beginning of the year.
High interest rates undermine the attractiveness of holding gold that does not generate returns.
As for other precious metals, silver rose in spot transactions 1% to $28.75 per ounce, recording its highest levels since February 2021, platinum rose 0.7% to $986.65, and palladium rose 0.1% to $1,049.83, and the three metals are heading for weekly gains.
Last updated: April 12, 2024 – 10:12
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2024-04-12 17:41:10