Gold Price Sets New Record at $2,656 per Ounce
After reaching an all-time high yesterday, for a value of $2,625 per ounce, the price of gold set a new record this afternoon, reaching $2,656 per ounce, an increase of $30.70 since yesterday.
Continued Rise in Gold Prices Throughout the Year
Throughout the year, the precious metal has reached numerous all-time highs with an increase of $710, equivalent to 37.05%, according to goldprice.org.
In March it reached $2,160 per troy ounce, 8% above the record of $2,135 set in December 2023. From that point, the value of gold has continued to rise and surpassed that mark just a month later. The price subsequently set new highs again in May, August, and mid-September.
Factors Driving Gold Prices
Since the Federal Reserve cut its benchmark interest rate by half a percentage point last week, gold prices have advanced, adding to what was already a record year for the precious metal.
Gold’s 30% rally this year has also been supported by robust buying by central banks and safe-haven demand amid ongoing conflicts in the Middle East and Ukraine.
Silver Price on the Rise
Likewise, the price of silver reached $32.10 per ounce, an increase of 4.64% since yesterday and 32.68% so far this year. The price of silver usually rises in tandem with gold, as both are considered precious metals and share common market factors.
Additional Insight: The rise in gold prices can also be attributed to inflation fears, geopolitical tensions, and the ongoing global economic uncertainty caused by the COVID-19 pandemic. Investors often turn to gold and other precious metals as a hedge against economic instability and currency devaluation, leading to increased demand and higher prices.
