By John Meyer, financial business consultant – Eurasia Business News, November 30, 2023

Gold price rose above $ 2,040 per troy ounce on November 29, updating a seven-month high. Over the week, the precious metal has added almost 3% in price.

On October 13, gold prices had already soared and hit $ 1,975 per troy ounce on Monday, while gold futures hit $ 1,983, a highest since July 31.

In many ways, the bullish game is associated with hopes for the end of the U.S. Federal Reserve’s rate hike cycle, in favor of which an increasing number of representatives of the U.S. regulator speak out. Analysts believe that a further increase in metal quotations will not be significant, and do not rule out a fall in prices by the end of the year to $1,900, after sales by investors to get gains.

During trading on November 29, the price reached $ 2,052 per ounce, the highest since May 5. This is 0.6% higher than Tuesday’s closing values. Even taking into account the correction and the return to $2046 per ounce, prices remained 2.8% higher than a week ago.

The cost of silver reached $25.26 per ounce, which is almost 7% higher than a week ago. Platinum rose by only 1.3% to $935.4 per ounce, palladium lost 3.3% to $1022.3 per ounce.

Read also : Gold : Build Your Wealth and Freedom

Gold is a long-term store of value and this storage capacity is standardized internationally. Each troy ounce of gold has the same value. The yellow metal is an asset with intrinsic value in itself, capable of maintaining its purchasing power throughout the centuries and around the world.

Gold is a powerful hedge against inflation because its price increases when the cost of living increases, when paper currencies weaken. By September 2023, prices had increased by 3.7% compared to September 2022. Persistent inflation in the United States since 2021 has pushed investors and workers towards gold as a safe haven.

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