LONDON, April 12, 2024 (TASR) – Gold prices continued to rise at the end of the week, reaching new record highs. The precious metal, which is considered a safe haven asset, was supported by factors such as increased tensions in the Middle East.
Spot gold prices rose to $2,400.67 per ounce (€2,237.55) on Friday. June gold futures on the Comex exchange rose 1.9% to $2,416.95 per ounce.
Silver prices rose to their highest level since February 2021, gaining 2.3% to $29.13 per ounce.
Gold prices have risen sharply this year, with silver prices also supported by this trend. According to traders, central banks, including China, are buying more and more gold. Another factor is the increase in geopolitical risks in the Middle East and Ukraine.
Investors are also counting on the US Federal Reserve (Fed) to possibly start a monetary easing cycle this year. With inflation in the US remaining high, the outlook for rate cuts has deteriorated in recent times.
