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The price of gold is setting one record after another in the international market. Gold is making one record after another in the international market. The metal set another precedent on Monday. On this day, the price per ounce rose to 2265 dollars. The highest in world history. News from CNBC.
According to the report, the US central bank Federal Reserve (Fed) may reduce the interest rate next May or June. In anticipation of this, the appeal of gold to investors as a safe haven asset has increased. As a result, the bullion market has strengthened.
The global benchmark gold price rose by 1.32 percent in the spot market during the day under discussion. The price settled at $2,265 53 cents an ounce. It is the highest in world history. That is, the world has never seen such a price before. Which was $2,260 at the start of the day.
“I think it's a really exciting time for gold,” said Joseph Cavatni, market analyst at the World Gold Council (WGC). The underlying reason is the strong possibility of Fed interest rate cuts. Traders strongly believe that the Fed will cut interest rates this time.
He said, there are geopolitical risks around the world. Inflation is rampant in every country. Along with that, the value of the US dollar has decreased. As a result, the central banks of the world are working to diversify the reserves. As a result, they have increased the purchase of gold. And this is the main reason for the increase in the price of the important metal.
Bangladesh /TR
