https://en.sputniknews.africa/20231203/gold-hits-a-record-high-above-2074-per-ounce-1063927911.html
Gold Hits Record High Above $2,074 Per Ounce
Gold Hits Record High Above $2,074 Per Ounce
Sputnik Africa
The price of gold is influenced by many factors, including inflation, interest rates, the US dollar exchange rate, bank demand, investment demand and the... 03.12.2023, Sputnik Africa
2023-12-03T13:33+0100
2023-12-03T13:33+0100
2023-12-03T14:12+0100
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Spot gold prices reached $2,074 an ounce on the COMEX in New York on Sunday, according to gold price tracking website Goldprice, surpassing the previous all-time high of $2,072 set in 2020.The price of the metal has increased by $1,638 per ounce, or over 408%, in 20 years.According to media reports, the gains were due to comments made by Federal Reserve Chairman Jerome Powell, which boosted traders' confidence that the Federal Reserve's tight monetary policy is coming to an end.Despite the nominal record, the media noted that when adjusted for inflation, gold's actual highest value was in 1980, equivalent to today's $3,452.Several analysts have predicted a surge in gold prices by the end of the year, noting that the metal's appeal is being influenced by falling Treasury yields and a weaker dollar.
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international, gold, minerals, economy, finance, investment, trade, united states (us)
international, gold, minerals, economy, finance, investment, trade, united states (us)
Gold Hits Record High Above $2,074 Per Ounce
13:33 03.12.2023 (Updated: 14:12 03.12.2023) The price of gold is influenced by many factors, including inflation, interest rates, the US dollar exchange rate, bank demand, investment demand and the geopolitical situation.
Spot gold prices reached $2,074 an ounce on the COMEX in New York on Sunday, according to gold price tracking website Goldprice, surpassing the previous all-time high of $2,072 set in 2020.
The price of the
metal has increased by $1,638 per ounce, or over 408%, in 20 years.
US gold futures also rose 1.6% to a record high of $2,089.
According to media reports, the gains were due to comments made by Federal Reserve Chairman Jerome Powell, which boosted traders' confidence that the Federal Reserve's tight monetary policy is coming to an end.
Despite the nominal record, the media noted that when adjusted for inflation, gold's actual highest value was in 1980, equivalent to today's $3,452.
Several analysts have predicted a surge in gold prices by the end of the year, noting that the metal's appeal is being influenced by falling Treasury yields and a weaker dollar.
