8 hours agoGold Price Reaches the High Level of All Times
Periskopi(a year ago)
(a year ago)The gold price has been written near 3,000 dollars per ounce, due to purchases added by central banks and investors' concerns for global economic growth following reports of new American tariffs. In the physical market, the price of an ounce (28 grams) of gold around noon was $243, rising by 0.3 for [...]
In the physical market, the price of an ounce (28 gm) of gold around noon was $243, rising by 0.3 percent compared with yesterday's market closure. For a moment, it reached a new record $246, which is the ninth time this year that a new peak has been reached since the beginning of the year.
In the American market of future contracts, gold was traded at a price of 0.4 percent higher, of 2961 dollars. According to World Future Association estimates (WGC), the price of gold rose more than 28 percent last year because of strong demand from central banks and investors during high geopolitical tensions periods, Telegraphed.
Central banks have continued to fill the reserves in 2024, increasing the purchase rate in October, and are expected to continue this trend even in 2025, according to WGC estimates in mid-December.
The demand for investments in gold also increased due to geopolitical risks and strong fluctuations in regional financial markets. Investors resumed shopping in the third quarter of the year after central banks started lowering key interest rates, writes Reuters.
At the beginning of this year, nervousness grew after US President Donald Trump's statements on customs duties. Yesterday, Trump said he plans to set tariffs of about 25 per cent for car imports, as well as similar tariffs for semis and pharmaceutical products.
Traders fear that these fees can lead to a trade war and damage the global economy.
“It seems that the increase in the price of gold has been prompted by the Trump's statements on car and medicine tariffs, which can pave the way for the $33,” level achievement, said OANDA market analyst Zaid Wanda.
Since returning to the White House, Trump has already set a 10 percent fee for imports from China and a 25 percent fee for steel and aluminum imports from various parts of the world. “I think central banks will continue to buy gold and diversify their reserves with gold, thus supporting the increase in its” price, the analyst said. UBS, Giovanni Staunovo.
Also, the price of silver, used in electrical components, increased by 0.4 percent, reaching $32.99 per ounce. Meanwhile, the platform, which is used in car catalysts, fell by 0.5 percent, being traded for $81,56. While the price of palladium (unprecedented and excellent silver-white) remained almost unchanged, at $887.75.
