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The spot price of gold yesterday for the first time exceeded the threshold of $2,200 an ounce, after the previous day the US central bank (Fed) announced that there are prospects for three interest rate cuts this year, which suggests that the institution's officials are not alarmed by the recent advance of inflation.
The spot price of gold reached a record of $2,222.39 an ounce in the first part of the day yesterday. Later, the quote was $2,206.10/ounce, up 1% from the previous day. Gold futures for June delivery rose 1% on the US market to $2,203.80 an ounce at 10:31 a.m. local time.
Gold's latest advance, which began in mid-February, is being supported by heightened geopolitical risks and purchases of the yellow metal by central banks. This month alone, the safe-haven metal hit record highs five times.
From mid-February until now, the gold price has increased by almost 12%. An influence on the dynamics was also had by the expectations regarding a more relaxed monetary policy in the USA, which normally leads to the depreciation of the dollar, but generates an increased interest in gold as a safe haven investment. Interest rate cuts from the Fed are favorable to the yellow metal, which does not bring income to investors, but makes other investments less attractive.
We remind you that, on Wednesday evening, the Fed decided to keep the reference interest rate unchanged, which remained at the highest level in the last 20 years.
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