These are the reasons
Record high: Gold has never been so expensive!
The price of gold has continued to soar on speculation of falling interest rates and has reached a record high. On Tuesday, one troy ounce (approx. 31.1 grams) was traded on the London Stock Exchange at 2141 US dollars (1974 euros).
The precious metal has never been so expensive. The old record from December is now history. The price of gold also reached a record high in euros. Here, 1974 euros were paid for a troy ounce of the precious metal, the highest price ever.
Stronger demand for safe havens
The price of gold has been on the rise since the end of February. In the past three trading days, the price has risen by around 100 dollars per ounce. The soaring gold price is explained on the market by stronger demand for safe havens, which include the precious metal. Among other things, geopolitical risks in the Middle East are being cited.
The catalyst behind gold's recent rise is the disappointing economic data from the United States.
Alexander Zumpfe, Edelmetallhändler beim Handelshaus Heraeus
However, speculation on falling interest rates is seen as the main driving force behind the rise. As investments in gold do not yield interest, falling capital market yields are boosting demand for the precious metal.
Disappointing data from the USA
"The catalyst behind gold's recent rise is the disappointing economic data from the United States," said Alexander Zumpfe, precious metals trader at trading house Heraeus, explaining the price trend. Recently, speculation about falling interest rates has been reinforced by disappointing data on sentiment in US industry and consumer sentiment in the USA, among other things.
"Slight downward correction would not be surprising"
On the financial markets, the first interest rate cut by the US Federal Reserve is currently largely expected in the summer. However, commodities expert Thu Lan Nguyen from Commerzbank pointed out that there is still a lot of uncertainty regarding the start of the interest rate cuts. She considers the strong rise in the price of gold to be fragile. "A slight downward correction in the coming days due to profit-taking would not be surprising," said the Commerzbank expert.
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