Gold price set another record
Economy
Against the backdrop of growing geopolitical tensions around the world, the price of gold rose on Friday to an all-time high.
At trading on Friday, 12 April, the exchange value of gold for the first time in all time exceeded $2.44 thousand per troy ounce. This is evidenced by the data of the New York commodity exchange COMEX.
Experts partly attribute the record price growth to geopolitical tensions in the Middle East. In connection with the aggravation of relations between Iran and Israel, investors are beginning to transfer money more actively into the precious metal to minimise possible risks.
"In the near future, the price of gold will largely depend on developments in the Middle East. Should there be further escalation, prices could increase by about 10% from their current levels. Conversely, if the region stabilizes, prices are likely to decrease," said Sergey Suverov, associate professor at the Financial University under the Government of Russia.
In addition, many market participants expect the dollar to weaken in the second half of 2024 and therefore consider gold a more attractive asset. Moreover, global central banks are stockpiling precious metal at an accelerated pace.
Experts partly attribute the record price growth to geopolitical tensions in the Middle East. In connection with the aggravation of relations between Iran and Israel, investors are beginning to transfer money more actively into the precious metal to minimise possible risks.
"In the near future, the price of gold will largely depend on developments in the Middle East. Should there be further escalation, prices could increase by about 10% from their current levels. Conversely, if the region stabilizes, prices are likely to decrease," said Sergey Suverov, associate professor at the Financial University under the Government of Russia.
In addition, many market participants expect the dollar to weaken in the second half of 2024 and therefore consider gold a more attractive asset. Moreover, global central banks are stockpiling precious metal at an accelerated pace.
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