The price of gold futures increased by 1.44% and reached 1995.1 dollars on Friday morning Latvian time. This is evidenced by Comex data, which is part of the New York Mercantile Exchange Group. During the trading session, the maximum price reached 2005.4 dollars per ounce.
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It should be noted that on July 30, the US announced that the US gross domestic product had fallen by 32.9% in the second quarter. Such news had a negative impact on oil prices as well as US stock market indices. At the time of the announcement, the price of Brent crude oil lost 5% of its value, while the S&P 500, Dow Jones and NASDAQ indices fell by 1.2-1.6%.
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Earlier, Goldman Sachs analysts predicted that the price of gold could rise to as much as $ 2,300 an ounce in 12 months. For that to happen, the United States must cut interest rates and use gold as a mechanism to protect the economy.
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Investment analysts, on the other hand, point out that the price of gold will break several more records by the end of 2020, and given the uncertainty in the US economy, the price of gold could rise by at least another $ 200 an ounce.
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