Gold prices surge to two-week high — Reuters
Photo: Gold prices hit a two-week high (flickr com)
Today, November 10, the price of gold on world markets rose by more than 2%, reaching its highest level in two weeks, since October 27, according to Reuters.
Prices for gold and other precious metals are rising again
The spot price of gold is currently $4,082.17 per ounce (or $131.16 per gram), the highest level since October 27.
Gold futures for December delivery also rose 2% to $4,090.50 per ounce ($131.43 per gram).
Along with gold, other precious metals also rose in price: silver rose 3.4% to $49.95, platinum rose 1.7% to $1,571.10, and palladium rose 2.2% to $1,410.48 per ounce.
Weak dollar and fears for US economy
The 0.1% drop in the US dollar index made gold more affordable for foreign investors.
"There are concerns about the state of the US economy due to weak data, and the main focus is currently on the dollar index," says Jigar Trivedi, senior analyst at Reliance Securities.
According to him, demand for gold has increased due to prolonged trade tensions and geopolitical risks.
Last week's data show that the number of jobs in the US economy declined in October, with losses occurring in the government and retail sectors. At the same time, companies that are cutting costs and implementing artificial intelligence have sharply increased the number of announced layoffs.
Although the US Senate voted on Sunday to reopen government agencies, experts warn that economic growth in the fourth quarter could be negative if the situation repeats itself.
The probability of a Federal Reserve rate cut in December is currently estimated by the market at 65%. Analysts point out that gold usually benefits from low interest rates and economic instability.
Saxo Bank notes that over the next 12 months, gold could approach $5,000 per ounce and silver could reach $65, although analysts do not expect a return to record levels in the near future.
Gold prices
Since the beginning of the year, gold has risen in price by more than 65%, driven by geopolitical tensions, central bank purchases, and the process of de-dollarization.
On October 17, gold set a new historical record, exceeding $4,300 per ounce, amid problems with US banks and expectations of a Fed rate cut.
On October 20, the price of the metal reached a record high of $4,381.52 per ounce, after which it fell sharply.
