ALBAWABA – Gold prices reached a new high record on Friday, setting at nearly $2,619 per ounce. This price is among the highest in the history of this precious metal.
Gold hits $2,619
The prices of the precious yellow metal increased to $2,599.92 on Wednesday, after the Federal Reserve announced an easing of monetary policy and a half-percentage-point cut in interest rates.
The Federal Reserve is also expected to cut interest rates by another half percentage point by the end of 2024, followed by an additional full percentage point by 2025, and another half percentage point in 2026.
The prices of the precious yellow metal increased to $2,599.92 on Wednesday, after the Federal Reserve announced an easing of monetary policy and a half-percentage-point cut in interest rates. (Shutterstock)
On another note, US gold futures rose 0.2% to $2,618.70. Kyle Rodda, a financial market analyst at Capital.com, said: “Current trends are very positive for gold, and if these favorable market conditions continue, prices could reach between $2,600 and $2,800 over the next 12 months.”
Gold prices and recent events
It is worth noting that the decline in US interest rates and the geopolitical uncertainty significantly impact gold prices. Additionally, the ongoing unrest in the Middle East, particularly the recent conflict between Lebanon and Israel, contributes to this effect.
According to BMI, gold prices are expected to experience continuous boost due to dollar weakness, low-yield bonds, and the ongoing geopolitical tensions around the world.
On the other hand, silver increased by 0.8% to $31.03 per ounce, while palladium remained stable at $1,080.25. Platinum declined by 0.2% to $986.95, which is approximately 0.8% lower than the beginning of this week.
