Gold breaks a new record, exceeding $2,200 per ounce

(Hong Kong) The price of gold broke a new historic record on Thursday at more than 2,200 dollars per ounce, boosted by the prospect of several rate cuts this year confirmed by the American central bank the day before.


Gold rose to $2,220 per ounce, according to Bloomberg, surpassing previous records set in March.

Since mid-February, the price of the precious metal has jumped almost 12%.

Asian stock markets and the New York Stock Exchange soared and the dollar fell after the US Federal Reserve (Fed) confirmed its forecast of three rate cuts in 2024, despite persistent inflation.

“What we saw last night was a green light for gold traders to come back into the market,” said Chris Weston, of broker Pepperstone Group.

This surge in the price of gold was encouraged by a weak dollar, which arouses the appeal of this precious metal as a safe haven in a context of increasing geopolitical risks, particularly since the start of the war between Israel and Hamas.

Rate cuts are also favorable for the yellow metal, which does not generate income, because they make other investments less attractive.


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