The spot price of gold hit $2,185 an ounce today, a new record, and a sign the yellow metal may soon cross the once-unimaginable $2,200 mark.
At press time, the spot price of gold was trading at $2,175 an ounce. The gold price has been on the rise all week, opening Monday at $2,091.76. It began the year at $2,066.32.
The gold price topped $2,100 an ounce for the first time in December.
The official London Bullion Market Association price set a record on March 7 of $2,156.85 an ounce.
Analysts credited the latest gold run to a more “dovish” approach from the Federal Reserve and worldwide economic and political turmoil.
“The key driver for the outlook of gold prices for the past year has been the Federal Reserve policy,” said a note from ING commodities strategist Ewa Mathney.
She added: “Gold tends to become more attractive in times of instability when investors pile into safe-haven assets as a hedge against the economic climate, geopolitical tensions, or inflation.… We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with the ongoing wars and the upcoming U.S. election.”
(Photo: Getty Images)
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