Historic record set as gold price soars to new heights
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In a notable development, the price of gold has surpassed $3,600 per troy ounce, reaching a new historical high. This milestone was achieved this week, although the specific bank responsible for the transaction remains unidentified.
The gold price has been on a steady upward trajectory, with the spot price increasing by 1.49% from the previous session's close to reach $3646.43 per ounce. On Monday evening, the spot price was recorded at $3640.26.
December gold futures on the Comex exchange also saw a significant rise, reaching $3677.2. This upward trend in gold prices can be attributed to a variety of factors, with the anticipated decrease in the Federal Reserve's interest rate next week being a key driver.
The decision by the Federal Reserve to reduce interest rates is influenced by broader economic factors, including a falling dollar and ongoing trade policy signals. The weakening dollar often leads to a rise in gold prices, as it makes the precious metal less expensive for buyers holding other currencies.
Since the beginning of the year, the price of gold has risen by approximately 38.5%. This steady increase in gold prices indicates a strong demand for the precious metal, potentially driven by investors seeking a safe haven during uncertain economic times.
As gold prices continue to climb, experts predict that we may see further increases in the coming weeks. With the global economy facing numerous challenges, gold is likely to remain an attractive investment option for many.
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