Rolling coverage of the latest economic and financial news
High stakes at Jackson Hole symposium as Powell surveys US’s rocky prospectsSicily yacht sinking: search for missing tech tycoon Mike Lynch and Bayesian passengers resumes
The spot price of gold is continuing to climb – and just hit $2,520.67 per ounce….
Update: Hang on, make that $2,521.36…. the rally continues….
One of the main drivers behind this historic surge has been the expectation of a more dovish monetary policy from the U.S. Federal Reserve. With the possibility of further interest rate cuts and increased quantitative easing, financial markets have responded predictably, driving up the price of safe-haven assets like gold. The prospect of a weakened dollar has made gold more attractive to both domestic and international investors.
Additionally, instability in geopolitically sensitive regions, such as Ukraine and the Middle East, has significantly contributed to this rise. Ongoing tensions in these areas have created an environment of uncertainty, leading investors to seek refuge in gold, considered a safe asset in times of crisis. Geopolitical instability has acted as a catalyst, further boosting the demand for this precious metal.
