For five days in a row, gold has been growing in price.
The price of an ounce of gold on the New York Mercantile Exchange reached an all-time high of $2154 per ounce. The previous record was recorded in December last year – $2152 per ounce, writes LIGA.net.
Gold has risen in price for five trading sessions in a row, and during this period it has increased in price by more than 5%, Bloomberg clarifies .
The demand for gold is growing due to a combination of factors, the main of which is a possible reduction in interest rates in the United States, which increases the attractiveness of non-profitable precious metals. The day before, Federal Reserve Chairman Jerome Powell confirmed that the US central bank is likely to cut interest rates this year.
Investors are also waiting for an inevitable correction in stock markets and are actively buying alternative asset classes such as bitcoin and gold. The main buyers of alternative assets are now large investment funds.
Gold's role as a safe-haven asset is also exacerbated by geopolitical tensions in the Middle East, disruptions in global shipping, China's ongoing economic woes, and the U.S. presidential election at the end of the year.
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