A safe investment
The price of the precious metal thus reached a record level of nearly $2,800 per troy ounce (31.1 grams). Today, the price has dropped slightly and is around $2,600.
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Interest rate cuts by the US Federal Reserve are making the dollar cheaper. As a result, gold also becomes cheaper for investors with other currencies, boosting its demand and therefore its price. Unrest in the Middle East also plays a role, as investors view gold as a safe investment in times of uncertainty.
Trade tensions
Recently, the dollar has gained a bit due to uncertainty over the pace of the Fed’s interest rate cuts, leading to a slight decline in the price of gold. Trade tensions due to high customs duties on imports announced by future US President Donald Trump could also lead to a rise in gold prices. These disagreements could indeed culminate in a trade war between the United States and Europe and China, which could in turn cause turbulence in the stock markets, thereby increasing the demand for gold.
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