NEW YORK, investor.id – Gold prices soared to US$ 2,700 per ounce on Friday (22/11/2024), marking the best week in almost two years. This increase was driven by increasing demand for safe haven assets amidst heated geopolitical tensions.
Quoted from CNBC international, spot gold prices jumped 1.5% to US$ 2,709.24 per ounce, the highest since November 6. Meanwhile, the United States (US) gold futures contract closed up 1.4% to US$ 2,712.20 per ounce.
Allegiance Gold Chief Operating Officer Alex Ebkarian stated that the escalation of the Russia-Ukraine conflict, which increasingly involved the United States, was the main factor driving the attractiveness of gold as a safe asset.
“This widespread conflict clearly increases demand for gold in the short term,” he said.
Throughout this week, gold prices have recorded an increase of more than 5.7%, making it the best weekly performance since March 2023. At that time, the global banking crisis pushed investors to look for safer assets.
The Russia-Ukraine conflict crisis was the main driver of the surge in gold prices, which rose more than US$ 170 from a two-month low of US$ 2,536.71 on Thursday last week.
Gold, which is known to shine amidst economic and political uncertainty, is showing its appeal again even though the US dollar reached its highest level in the last two years.
Decreased Pruning Chance
Editor: Indah Handayani
([email protected])
Follow Channel Telegram Official us to update investor.id articles
Read other news on Google News
LIVE STREAMING
Watch information shows and economic, financial and capital market analysis on IDTV
Gold Prices Rocket to $2,700: The Glittering Truth Behind the Surge
NEW YORK, investor.id – Hold onto your wallets and maybe even your wedding rings! Gold prices have skyrocketed to a dazzling US$ 2,700 per ounce, marking the best week for gold since we were all wondering when the last season of our favorite series was going to drop—almost two years ago! This scintillating rise isn’t just a sprinkle of good fortune; it’s driven by a surge in demand for safe haven assets as geopolitical tensions heat up, and boy, are we feeling the heat!
Quoted from CNBC International, we see that spot gold prices jumped a cheeky 1.5% to US$ 2,709.24 per ounce. It’s like the gold market has just heard the world’s worst gossip! Meanwhile, the grand old U.S. gold futures contract ended the week with a satisfying 1.4% increase, closing at US$ 2,712.20. If you’re keeping score at home, that’s quite the score—gold is strutting and shimmering like a peacock in a jewelry store!
According to Alex Ebkarian, the Chief Operating Officer of Allegiance Gold, the escalating Russia-Ukraine conflict, now with an extra dash of U.S. involvement, is what’s really getting investors to flock back to gold like it’s Black Friday. “This widespread conflict clearly increases demand for gold in the short term,” he noted. A sentiment that’s probably echoed in many households across the globe—“Honey, is our retirement fund secretly made of gold?”
This week alone, we’ve seen gold prices shoot up over 5.7%, making it the gold medalist in weekly performance since March 2023. And what was brewing up then? Ah yes, the global banking crisis had investors sprinting towards the safety of glittery bars and coins. Some might say, if gold were a person, it would be the ultimate ‘safe friend’ who’s always just a text away when things get dicey!
Now, let’s talk about that Russia-Ukraine melodrama, shall we? That’s the headline act influencing the gold price surge! Prices have jumped more than US$ 170 from a two-month low of US$ 2,536.71 just last week. Gold, that alluring shiny stuff, is once again captivating hearts—whilst even the U.S. dollar is flexing its muscles at its highest level in two years. Talk about an odd couple! It’s like watching a pot of gold simmering alongside a bowl of steaming hot economic uncertainty soup!
Decreased Pruning Chance
To sum up, if you were considering investing in gold or simply hiding it beneath your mattress—best do your research first! Given today’s tumultuous world affairs, gold is clearly turning heads and raking in the bucks while other investments are sweating it out on the sidelines. All in all, this gold rush feels a bit like watching a magician pull a rabbit out of a hat, except the rabbit is worth a whole lot more than it used to be!
So remember, the next time someone asks you about your investment strategy, just smile and say, “You can’t go wrong with a little gold!” Or you could just tell them you’re into “precious metals”—sounds posh, doesn’t it?
Editor: Indah Handayani
([email protected])
Follow Channel Telegram Official us to update investor.id articles
Read other news on Google News
Watch information shows and economic, financial and capital market analysis on IDTV
NEW YORK, investor.id – Gold prices surged dramatically to reach US$ 2,700 per ounce on Friday (22/11/2024), representing the most significant weekly increase observed in nearly two years. This remarkable rise in value is primarily attributed to a growing demand for safe-haven assets, spurred on by escalating geopolitical tensions worldwide.
According to a report from CNBC international, spot gold prices experienced a notable increase of 1.5%, climbing to US$ 2,709.24 per ounce, marking the highest level seen since November 6. Concurrently, the United States (US) gold futures contract also recorded gains, closing up 1.4% at US$ 2,712.20 per ounce.
Allegiance Gold Chief Operating Officer Alex Ebkarian highlighted that the intensification of the Russia-Ukraine conflict, which has increasingly drawn in the United States, has significantly enhanced gold’s appeal as a reliable safe asset in uncertain times. “This widespread conflict clearly increases demand for gold in the short term,” he stated.
Throughout this tumultuous week, gold prices surged by over 5.7%, achieving the best weekly performance since March 2023. That period saw a similar trend when a global banking crisis pushed investors to seek the safety that gold provides.
The ongoing Russia-Ukraine conflict has boomed gold prices, recovering over US$ 170 from a two-month low of US$ 2,536.71 recorded just last Thursday. Historically, gold has been known to shine amidst economic and political uncertainties, reaffirming its allure even in the current climate, where the US dollar is at its highest value in two years.
Decreased Pruning Chance
Editor: Indah Handayani ([email protected])
Follow Channel Telegram Official us to update investor.id articles
Read other news on Google News
Watch information shows and economic, financial and capital market analysis on IDTV
Ex Ebkarian, Chief Operating Officer at Allegiance Gold, attributes this surge in gold prices to the escalating Russia-Ukraine conflict, which has intensified amid increasing U.S. involvement. “The widespread conflict clearly increases demand for gold in the short term,” he stated. This sentiment resonates with many investors who are once again turning to gold as a safe haven amidst rising geopolitical tensions, much like shoppers rushing to the stores on Black Friday.
The week marked a significant change in gold prices, with a jump of over 5.7% noted, making it the most notable weekly performance since March 2023, when similar uncertainty driven by a global banking crisis pushed investors towards gold. As prices soared, they rebounded from a two-month low of US$ 2,536.71 just the previous week, reflecting an increase of more than US$ 170 in a short period. Even as the U.S. dollar strengthens to its highest point in two years, gold’s allure remains steadfast, showcasing the opposite nature of these two assets amid economic turbulence.
In light of these developments, potential investors are advised to conduct thorough research if they’re considering entering the gold market or seeking refuge in physical gold, whether it be in the form of coins or bars. The current environment, characterized by heightened geopolitical uncertainty, positively positions gold as a lucrative investment alternative while detracting from riskier assets.
Ultimately, amidst this period of market chaos, gold is shining brightly as a valuable asset for those looking to hedge against uncertainty. Whether investors choose to stockpile gold or merely entertain the thought of it as a secure investment, one thing is clear: the value of gold is certainly worth keeping an eye on in the coming weeks.