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|---|---|---|---|---|
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Globally, spot gold touched an all-time high of $2,853.97 per ounce.
Why are gold prices rising?
Several factors are driving the gold rally:
Trade war tensions: China imposed tariffs on US imports in retaliation for US duties on Chinese goods. Investors turned to gold as a safe-haven asset.
Weak US dollar: A softer dollar has made gold more attractive for international buyers.
Inflation risks: While gold is a hedge against inflation, rising interest rates could impact demand. Federal Reserve officials have warned about price uncertainty.
Central bank buying: China may continue accumulating gold reserves if trade tensions escalate.
Will gold prices rise further?
Experts believe the rally may continue if global uncertainties persist.
Some analysts predict that gold could cross the $3,000 per ounce mark this year.
“The next major inflection point for gold is probably the $3,000 per pounce figure,” said Ilya Spivak, Head of Global Macro at Tastylive.
Should you invest in gold now?
With gold prices soaring, investors should assess risks before making investment decisions. Experts suggest watching global economic trends closely to gauge future movements in gold price.
–With agencies inputs