19.02.2025 US
1092 day since the barbaric invasion of Ukraine

Gold Hits Record Price: Expectations and Minor Correction Ahead

Gold prices have surpassed $2400 per ounce, growth to continue amid geopolitical risks

Interfax-Ukraine
Gold, illustrative photo / Jingming Pan, Unsplash

At the New York Comex exchange, the price of June gold contracts reached $2413.9 per ounce by noon on Friday, which is 1.7% higher than previous figures.

Thus, the price of gold exceeded $2400 per ounce for the first time and continues to rise, showing an increase of more than 14% since the beginning of the year.

Experts from MarketWatch attribute this rise to expectations of a decrease in the Federal Reserve's interest rates, high geopolitical instability, and active demand from central banks.

They believe that these factors will continue to influence the market, supporting the upward trend.

Thu Lan Nguyen, head of commodity market research at Commerzbank, predicts that no significant statistical data from the US is expected next week, and significant pressure on gold prices is unlikely.

Ole Hansen from Saxo Bank highlights the presence of technical resistance at levels $2450, $2500, and $2645 per ounce. He notes that any potential price correction, if it occurs, will likely be minor.

It was previously reported that in February, India set a record by spending $6.2 billion on gold purchases, which is 2.3 times the import volume of the precious metal compared to the same period last year.

Posted in: