The price of the precious metal has risen by more than ten percent since the beginning of the year.
(Photo: dpa)
Dusseldorf The price of gold has crossed the $2000 mark. On Wednesday, a troy ounce of the precious metal cost as much as $2,032 – the highest level in 13 months. This is getting closer and closer to the record high of $2,072 from the summer of 2020.
The latest rate drivers were the weaker economic data from the USA, explains analyst Ricardo Evangelista from the trading platform Activ Trades. “The banking crisis of March highlighted the negative impact on the real economy of aggressive monetary tightening by central banks.”
This is driving the price of gold because the markets are now banking on the US Federal Reserve (Fed) refraining from further interest rate hikes or even lowering interest rates again. Gold is benefiting from this as a non-interest-bearing investment vehicle, especially since the US dollar is also weakening.
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