However, the price of gold has not yet made the big breakthrough.
(Photo: imago images/Newscast)
Frankfurt Rising interest rates have hit gold prices this year. At the beginning of March this year, shortly after Russia attacked Ukraine, a troy ounce of the yellow precious metal cost $2,043. At the end of September, gold was trading at $1,626, its lowest level since spring 2020.
In the past two weeks, the price of gold has risen noticeably. On November 15, a troy ounce of the precious metal cost almost $1,781. That was around ten percent more than at the end of October. But the rise seems to be slowly coming to an end.
The development of the precious metal shows contradictory tendencies. Speculative influences have driven the price but are losing ground. From a purely technical point of view, it looks relatively good, at least in the longer term. And when it comes to the fundamental factors, US monetary policy plays the main role, although experts assess it differently; further significant tightening would have a negative effect.
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