The precious metals market exploded: how much gold rose in price in a week
Фото: Reuters
Gold prices hit a new all-time high on Friday, October 17, surpassing $4,300 an ounce. The jump could make this week the most successful for the precious metal in 17 years.
Spot gold hit $4,362.39 an ounce at 04:39 GMT, after hitting a record high of $4,378.69, Reuters reported , while U.S. December gold futures rose to $4,375.50, up 1.7% on the day.
According to the Investing platform, as of 9:11 Kyiv time, an ounce of gold cost $4,376.49, and the price of one gram was $141.18.
Gold gained about 8.6% in price over the week, which could be the highest weekly gain since September 2008. The main factors that pushed investors to buy gold were concerns about the stability of regional banks in the US, the aggravation of trade relations between Washington and Beijing, as well as expectations of a reduction in key rates by the US Federal Reserve.
Against this backdrop, silver is also rising in price. Its value rose to $54.41 per ounce, showing a weekly increase of 8.2%. Earlier in the day, the price of silver reached a record high of $54.35. As of 9:16 a.m., silver had lost a little in price, trading at $53.05 per ounce, or $1.71 per gram.
According to Tim Water, chief market analyst at KCM Trade, gold could reach $4,500 much sooner than previously thought. He noted that much depends on the further development of trade tensions between the US and China, as well as the situation with a possible US government shutdown.
Meanwhile, other precious metals remained mixed. Platinum fell 0.4% to $1,706.45, while palladium rose 0.3% to $1,618.95 per ounce.
Overall, demand for gold is growing amid geopolitical tensions, active purchases by central banks, the de-dollarization process, and renewed interest in investment funds specializing in precious metals.
Recall that global prices for precious metals — in particular gold and silver — are growing rapidly, reaching historical highs . The reason for this rise was investors’ expectations that the US Federal Reserve will soon lower the base interest rate, which traditionally stimulates demand for protective assets.
As previously reported, gold reached a new all-time high on Tuesday, October 7, approaching $4,000 per ounce. The rise in the precious metal’s value is fueled by uncertainty in global markets, a prolonged shutdown in the US, and political instability in France.
Also follow “Pryamim” on Facebook , Twitter , Telegram , and Instagram.