17.07.2024. / 16:05
NEW YORK – The price of gold today reached a historic high in Asian trade of $2,478 per ounce.
PHOTO: Pixabay
The price of gold reached $2,478 per ounce (31.1 grams) thanks to lower yields on US bonds and despite a strong dollar.
Analysts of the “Commonwealth Bank of Australia” estimated that by the end of the year the price of gold could exceed the value of 2,500 dollars per ounce, because the demand for gold does not stop growing this year, reports Reuters.
The value of gold rose by 1.5 percent on Tuesday, and the price for August futures on the New York Comex exchange increased to $2,464.5 per ounce.
The price increase was fueled by expectations of comments from US Federal Reserve Chairman Jerome Powell, who provided additional insights into the US central bank’s monetary policy.
The President of the Fed confirmed that it is not advisable to reduce the key interest rate until it is certain that inflation is moving towards the goal of two percent.
Also, Powell noted that the labor market has largely returned to pre-pandemic levels.
The next meeting of the US central bank will be held on 30-31. July, and according to CME Group data, 85 percent of analysts believe that the Fed will cut interest rates in September to 5-5.25 percent from the current 5.25-5.5 percent. Expectations of an imminent interest rate cut have a positive effect on the performance of gold. Biznis.rs
Source: www.capital.ba
