The gold market is a dynamic environment where the value of gold is affected by price fluctuations and various political and economic factors. On Thursday, the price of gold reached an all-time high.
Over the past three weeks, the price of gold has shown a significant upward trend. On Thursday, the price of gold at one point reached about 2088 dollars. Markets are already predicting an 80-90% chance that the Federal Reserve will cut interest rates, and this expectation is one of the main factors driving gold prices higher as gold becomes more attractive at lower interest rates.
Additionally, ongoing wars and broader geopolitical tensions in the Middle East have increased demand for gold. In the event of political and economic tensions, gold is traditionally a safe haven, which should maintain its value and help survive difficult times as stable as possible.
The weakness of the US dollar also played an important role in the rise in gold prices. Gold is traditionally priced in US dollars around the world, so a weakening dollar makes gold cheaper for holders of other currencies. Price dynamics associated with the value of the dollar have increased the demand for gold in the current period.
2023-12-29 07:56:34
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