Gold prices reached a historical high – $2141.79 per ounce – Kommersant

Gold prices rose by 1.3% and reached $2,141.79 per ounce, which became a historical high, according to calculations Bloomberg. Over the last five trading sessions alone, gold has risen in price by $100, the agency notes. The previous record of $2,135.39 per ounce was set on December 4, 2023.

Bloomberg writes that interest in gold bullion among traders has grown amid speculation that the US Federal Reserve System (FRS) may move to lower the key interest rate. The agency notes that traders see a 60 percent probability of such a move as early as June 2024. At the end of the January meeting, the Fed kept the rate at 5.25–5.5%.

Saxo Bank’s head of strategy Ole Hansen suggested that some investors had decided to invest in gold following the publication of a report by the US Institute of Supply Management (ISM) on March 1. According to the ISM report, in February 2024, the index of business activity of American enterprises decreased up to 47.8 points. An indicator value below 50 points indicates a decrease in business activity.

Investments in gold began to be viewed by investors as a way to preserve their assets, including due to geopolitical risks that have increased since the beginning of 2024. Among the risks, experts name attacks by the Yemeni Houthis on ships in the Red Sea, economic problems in China, as well as the upcoming US presidential elections.

“Speculation about Fed rate changes and ongoing geopolitical tensions are supporting interest in gold. We expect gold prices to continue to rise this year,” Eva Manthey, strategist at the largest banking group in the Netherlands, ING, told the agency.

Read more about how drone attacks on ships in the Red Sea affected the rise in the price of gold on the world market in the Kommersant article. “Unmanned Quotes”.