2024-04-12 22:05:53
Gold prices hit a new record high, driven by tensions in the region. The price of an ounce rose yesterday, exceeding $2,400 for the first time, with a growth of 1.2%, according to Bloomberg News Agency.
Ricardo Evangelista, chief analyst at Active Trades, said that there is a possibility of a further rise in gold prices amid central bank purchases and with an increase in demand for assets considered safe havens, with increasing concern among investors regarding the escalation of geopolitical conflicts.
He added that doubts regarding the Chinese economy fuel concerns regarding the growth of the global economy, and this also leads to increased sentiment in the market, which tends to search for safe haven assets. Investors watched data that showed a contraction in China’s exports and imports in March, which highlights the difficult task facing manufacturers. policies in their quest to bolster the fragile economic recovery.
As for other precious metals, silver rose in spot transactions by 2.3% to $29.13 per ounce, recording its highest levels since early 2021. Platinum rose 1.8% to $997.51, and palladium rose 1.1% to $1,058.
This wave of activity in the precious metals market reflects a broader trend of investors turning to safe-haven assets amid global uncertainty, indicating that prices may continue to rise in the foreseeable future.
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