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Fears of global instability and inflationary monetary policies have driven gold prices to record highs. Charlie McCarthy reports at Newsmax:
High inflation, a toss-up presidential election, and escalating tensions in the Middle East reportedly are among the factors contributing to gold reaching record value.
Bullion, which is up by more than 30% this year, surpassed the $2,700-an-ounce threshold on Friday. Silver on Monday also increased to its highest since 2012.
“Along with haven demand and US political uncertainty, the rally has been fueled by robust central-bank buying and expectations of US interest-rate cuts,” Bloomberg reported. “Lower rates are often seen as bullish for non-interest bearing gold.”
Many experts now expect the price to rise past $3,000, perhaps as soon as this year, CBS News reported.
Yahoo Finance reported gold’s rise has occurred as fears grow over a broader Middle East escalation due to intensified hostilities between Lebanon and Israel. Also, the uncertain outcome of the U.S. presidential election outcome has pushed investors toward gold.
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Rhona O’Connell, head of market analysis for Europe, the Middle East and Africa (EMEA) and Asia at StoneX, told Blomberg that “gold thrives on uncertainty.”
“The lack of clarity over the medium-term direction of U.S. foreign policy is adding to nervousness,” O’Connell told the outlet.
Read more here.
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