Today, January 3, the quotations of gold futures on the ICE exchange have risen to 1,856 dollars an ounce. Metal prices returned to their June value.
On January 3, the price of gold settled at $1,834 an ounce. The last time gold was this expensive was in June. In October-November, its price dropped below $1,650.
According to RBC, the demand for the precious metal is growing, also due to the weakening of the dollar: “The fall of the US currency increases the attractiveness of the metal, as gold becomes cheaper for investors trading in other currencies” .
Due to the highest inflation in the US in 40 years, the Fed raised the rate in December to 4.5% annually. “Earlier, Bank of America experts had speculated that the price of gold could exceed $2,000 an ounce as early as next year, because of all precious metals, gold should benefit the most from the monetary policy reversal. by the Fed. The refusal of the US regulator to aggressively raise rates in 2023 should bring buyers back to the market, which will lead to an increase in precious metal prices, ”writes RBC.
