Gold prices surge for the fourth consecutive week this month.
Gold has made history yet again, setting a new record on September 3 by trading above $3652 per troy ounce. This peak price surpassed the previous record, which was also set on the same day, by a mere $33.1.
The gold price subsequently stabilized after reaching this peak, but not before it continued to rise significantly since the beginning of the year. In fact, the current increase of over 35% is the largest seen in a single year since the metal was first introduced as a form of currency.
This dramatic rise can be attributed to a combination of factors. The expectations of a US Federal Reserve interest rate cut, geopolitical tensions, inflation concerns, and a movement towards de-dollarization in global trade have all contributed to gold's appeal as a safe haven and hedge against economic uncertainties.
Interestingly, Belarus' foreign currency reserves also reached $12 billion on the same day that gold set its new record. Coincidence or not, it's clear that gold continues to hold a significant place in the global economy.
On September 6, gold was trading at around $3590 per ounce on the spot market. While this was lower than the peak price on September 3, it still represents a historically high price for the precious metal.
As gold continues to rise in value, it's clear that investors are turning to the metal as a safe bet in these turbulent economic times. Whether this trend will continue remains to be seen, but one thing is certain: gold's price will continue to be closely watched by investors and economists alike.
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