Record-shattering gold price climbs beyond $3,200 for the first time ever
Gold prices soared past the significant psychological mark of $3,200 per troy ounce on Friday, reaching an all-time high of $3,219.84 (€2,905.5). This surge is a response to the ongoing trade war initiated by U.S. President Donald Trump, according to experts.
Ilya Spivak, the Head of Global Macro at Tastylive, a financial market strategist, attributes the gold rally to the selling pressure on U.S. equities and bonds. The rapid decline of the U.S. dollar is also contributing to the gold rally, as more investors are fleeing to gold as a safe haven.
The trade war has created a climate of uncertainty, causing selling pressure on U.S. equities and bonds. This pressure, in turn, is driving the gold rally. The gold price reaching an all-time high on Friday is a reflection of global economic instability.
The U.S. dollar is continuing to experience selling pressure, with the dollar weakening against major currencies. This weakness is another factor in the gold rally, as gold is often seen as a hedge against a declining currency.
The gold surge past $3,200 per troy ounce on Friday is driving more investors to view gold as a safe haven. As the trade war continues, experts predict that gold prices will remain high, making it an attractive investment option for those seeking to protect their assets.
In conclusion, the gold rally is a result of the ongoing trade war, selling pressure on U.S. equities and bonds, and the rapid decline of the U.S. dollar. As the trade war continues, gold is expected to remain a popular safe haven for investors seeking to protect their assets.
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