2024-05-19T08:32:15+00:00
Shafaq News / Gold prices closed at a record level of $2414 per ounce at the end of last week’s trading, buoyed by increased expectations of a US interest rate cut.
Inflation data further bolstered expectations that the Federal Reserve may lower interest rates this year.
Furthermore, central banks worldwide intensified their purchases of the yellow metal as a haven amid geopolitical tensions.
Gold has historically been viewed as a safe-haven investment during times of uncertainty and economic instability, which explains the increased interest from central banks amidst geopolitical tensions. The anticipation of a US interest rate cut also contributed to the rise in gold prices, as lower interest rates typically lead to higher gold prices due to reduced opportunity costs of holding non-yielding assets.
