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Gold soared above $2500 amid the persistence of Fed rates and geopolitical risks

August, 01 2024
watermark Economic news

On Thursday, the price of gold broke the $2,500 per troy ounce mark for the first time in history.


During trading, the price of the main gold futures reached a historic high of $2,506.55. The previous record was set on July 17, when the August futures price reached $2,488.4.


The rise in gold prices is due to several factors. Firstly, the US Federal Reserve System has once again kept the base interest rate at 5.25-5.5% per annum. This decision, published on Wednesday evening, did not lead to the expected weakening of the dollar, which makes gold more attractive to investors. 


Secondly, geopolitical risks in global markets continue to grow, which also contributes to the growth of demand for «safe» gold.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.