1 apr 2024 om 12:00
The gold price rose to a record high on Monday. Demand for gold is growing, as investors believe that an interest rate cut in the US is not far away.
The recent unrest in the world and strong demand from China are also driving the price of the precious metal.
The gold price was 1.6 percent higher on Monday morning than the closing price of Maundy Thursday. The price rose this morning to $2,265.73 per troy ounce (31.1 grams).
This continues the advance of the previous weeks. Last month, 1 troy ounce of gold was worth more than 2,200 dollars (2,040 euros) for the first time.
According to an expert from ING, the market seems increasingly convinced that the US central bank will start cutting interest rates in June. Increasing speculation about interest rate cuts is weakening the dollar, making gold cheaper for traders with other currencies. The demand for the precious metal is therefore growing and that is pushing the price up.
In addition, many investors are looking for safe investments due to the war in Ukraine and the battle between Israel and Hamas. Gold, among other things, is seen as a safe investment. Furthermore, the Chinese central bank has added significant amounts of the precious metal to its reserves. Buying gold has also become quite popular among wealthy younger Chinese.
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