The price of gold set a new all-time record on Thursday at over $2,200 an ounce, boosted by Wednesday’s announcement by the US Federal Reserve (Fed) of several rate cuts in 2024.
Gold surpassed $2,220 an ounce, breaking all previous records.
In the space of a month (since mid-February), the price of the precious metal has risen by around 12%.
Asian stock markets and the New York Stock Exchange soared, and the dollar retreated after the Fed’s announcement, despite persistent inflation.
This surge in the price of gold was encouraged by a weak dollar, making the precious metal an attractive safe-haven against a backdrop of heightened geopolitical risks, particularly since the start of the war between Israel and Hamas.
With AFP
