Gold rose to a record level on Thursday, benefiting from increased investor demand amid ongoing geopolitical and economic uncertainty, along with growing expectations of U.S. interest rate cuts and a weaker dollar.
اضافة اعلان
By 00:33 GMT, spot gold had gained 0.4% to $4,224.79 per ounce, after reaching an all-time high of $4,225.69. U.S. gold futures for December delivery rose 0.9% to $4,239.70.
Gold is considered a safe-haven asset during periods of uncertainty and typically thrives in a low-interest-rate environment, having gained 61% since the beginning of this year.
The U.S. dollar index fell 0.1%, hovering near a one-week low, making dollar-priced gold cheaper for holders of other currencies.
U.S. officials on Wednesday criticized China’s expanded controls on rare earth metal exports, calling them a threat to global supply chains and pledging to respond. Earlier this week, the U.S. and China exchanged port tariffs on each other’s ships, escalating tensions in the ongoing trade dispute.
Gold’s rise is attributed to a combination of factors, including geopolitical risks, expectations of U.S. rate cuts, and increased purchases by central banks. Investors anticipate a 25-basis-point rate cut at this month’s Federal Reserve meeting, followed by another reduction in December.
Among other precious metals, spot silver advanced 0.2% to $53.16 per ounce, after reaching a record $53.60 on Tuesday. Platinum rose 0.7% to $1,665.70, while palladium fell 0.3% to $1,540.36.
— Reuters
