Price at record high

Gold price rises to highest level in 4 weeks

On the London Stock Exchange, 2676 US dollars (2602 euros) was paid for a troy ounce (approx. 31.1 grams) in the afternoon.

(Bild: Michael - stock.adobe.com)

The price of gold rose for the third day in a row on Thursday, reaching its highest level in four weeks.

On the London Stock Exchange, 2676 US dollars (2602 euros) was paid for a troy ounce (approx. 31.1 grams) in the afternoon, around 14 dollars more than the previous day. This is the highest price for the precious metal since mid-December.

In the course of trading, investors are increasingly turning their attention to important US economic data expected on Friday. On the agenda is the US government's labor market report for December. The market is paying close attention to this because the labor market plays an important role in the Fed's monetary policy. Should the data provide indications of a slowdown in the labor market, this could increase speculation of falling interest rates.

The minutes of the Fed's latest interest rate meeting failed to weigh on the gold price. The transcript of the December interest rate decision published the previous evening showed even greater caution on the part of the US monetary authorities with regard to a further interest rate cut. The prospect of higher yields on government bonds, for example, generally curbs demand for gold, which does not yield interest. With the current rise, the price of gold is moving further towards its record high, which was reached at the end of October at 2790 dollars.