The price of gold in the world has broken a historical record

^{Photo: CNN}
Gold on the Comex exchange in the US has exceeded $2,850 per troy ounce. The last time gold prices exceeded $2,800 was in October 2024.

According to Reuters, investors are worried about the threat of trade tariffs imposed by US President Donald Trump. The market is waiting for an important inflation report, which is coming soon. This report may help assess the future policy of the US Federal Reserve.

Data on the personal consumption expenditure index will be published on January 31. According to The Wall Street Journal, the success of the Chinese chatbot DeepSeek in recent days has caused changes in the technology sector of the US stock market. As a result, this instability affected the volatility of the gold price.

Previous record

On October 30, 2024, the price of a troy ounce exceeded $ 2,800 for the first time in history. Analysts attributed the rise in gold prices to political uncertainty caused by the US elections and ongoing conflicts in the world. In particular, the situation in the Middle East and Ukraine.

J.P. Morgan, in its August 2024 study, noted that gold usually rises in price during periods of economic and geopolitical instability. The reason for this is gold's reputation as a safe-haven asset. Financial analysts also believe that gold is an effective insurance asset, since it is lowly correlated with other investment vehicles.

Biggest Gold Buyers

According to a July report by the World Gold Council (WGC), global gold demand in the second quarter of 2024 fell by 6% year-on-year to 929 tonnes. However, central banks continued to buy gold. The largest buyers include the National Bank of Poland (19 tonnes), the Reserve Bank of India (19 tonnes) and the Central Bank of Turkey (15 tonnes).

According to the forecast of Kelvin Wong, a senior analyst at Oanda, the price of gold will largely depend on the results of the US elections. In the future, its price may stabilize around $ 2,826. Follow “Zamin” news on “Telegram”