Investing and Global Finance News

Record High Gold Prices

Gold prices hit a record high on Monday, reaching the highest level since gold futures began trading in 1974. Traders are hopeful that the Federal Reserve will lower interest rates later this year. The price for April delivery of gold jumped up $30.60, closing at $2,126.30 per ounce. This marks the second day in a row that gold prices have set a new record, following a high of $2,095.70 the previous Friday.

The VanEck Gold Miners ETF, which tracks gold mining companies, also saw a significant rise, increasing by 4.3%. After rising for three consecutive days, it is now trading above its average price over the last 50 days for the first time since mid-January.

Gold continues to strengthen despite high interest rates and a strong dollar. This is partly because of geopolitical tensions which led countries around the world to significantly increase their gold reserves.

Experts think gold prices could continue to rise, especially if the Federal Reserve decides to cut interest rates, making gold more attractive than other investments. However, if upcoming job reports show strong employment numbers, gold’s rise could slow down.

So far this year, gold’s price has increased by 2.63%, showing that it remains a popular investment during uncertain times.

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