12.09.2024, 19:39
The price of gold has updated the historical record
Source: OREANDA-NEWS
OREANDA-NEWS The price of gold is growing by more than one percent and has reached a new record high, rising above $ 2,570 per troy ounce, according to trading data.
As of 16:12 Moscow time, the price of December gold futures on the New York Comex exchange rose by $33.6, or 1.32 percent, to $2,576 per troy ounce. Minutes earlier, the indicator reached a new historical high of $ 2,576.55.
This year, the value of gold has repeatedly updated records. According to analysts, the rise in price is due to the tense situation in the world, and the precious metal is regarded as a safe haven asset.
In addition, investors are monitoring US economic indicators to find additional clues on the expected easing of the monetary policy of the Federal Reserve System (FRS).
A reduction in the Fed's discount rate weakens the dollar, thereby supporting gold quotes.
So, the day before, data on inflation in the United States appeared: the consumer price index increased by 2.5 percent year-on-year in August after an increase of 2.9 percent a month earlier. Thus, the increase was at the lowest level since February 2021.
Earlier on Thursday, the US Department of Labor released information on the number of unemployment claims in the country: from September 1 to September 7, their number increased by 230 thousand, as analysts had expected.
Today, the markets drew attention to the results of the September meeting of the European Central Bank (ECB), according to which the regulator decided to lower the base interest rate from 4.25 to 3.65 percent per annum.
"The combination of data on the ECB rate cut, a slight increase in the number of applications for unemployment benefits and the consumer price index turned out to be enough for gold to rise to a new record level," Bloomberg quoted Ole Hansen, head of commodity strategy at Saxo Bank, as saying.
As an independent industrial expert Leonid Khazanov told RIA Novosti, in the near future gold may break through the $ 2,600 mark per troy ounce. The reason for this, in addition to the above-mentioned factors, will also be the uncertainty in the outcome of the upcoming US presidential elections.
As of 16:12 Moscow time, the price of December gold futures on the New York Comex exchange rose by $33.6, or 1.32 percent, to $2,576 per troy ounce. Minutes earlier, the indicator reached a new historical high of $ 2,576.55.
This year, the value of gold has repeatedly updated records. According to analysts, the rise in price is due to the tense situation in the world, and the precious metal is regarded as a safe haven asset.
In addition, investors are monitoring US economic indicators to find additional clues on the expected easing of the monetary policy of the Federal Reserve System (FRS).
A reduction in the Fed's discount rate weakens the dollar, thereby supporting gold quotes.
So, the day before, data on inflation in the United States appeared: the consumer price index increased by 2.5 percent year-on-year in August after an increase of 2.9 percent a month earlier. Thus, the increase was at the lowest level since February 2021.
Earlier on Thursday, the US Department of Labor released information on the number of unemployment claims in the country: from September 1 to September 7, their number increased by 230 thousand, as analysts had expected.
Today, the markets drew attention to the results of the September meeting of the European Central Bank (ECB), according to which the regulator decided to lower the base interest rate from 4.25 to 3.65 percent per annum.
"The combination of data on the ECB rate cut, a slight increase in the number of applications for unemployment benefits and the consumer price index turned out to be enough for gold to rise to a new record level," Bloomberg quoted Ole Hansen, head of commodity strategy at Saxo Bank, as saying.
As an independent industrial expert Leonid Khazanov told RIA Novosti, in the near future gold may break through the $ 2,600 mark per troy ounce. The reason for this, in addition to the above-mentioned factors, will also be the uncertainty in the outcome of the upcoming US presidential elections.
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