The gold rush doesn’t stopwhich today reached a new historical record over 2,400 dollars both on the spot and forward markets. The spot price of gold reached a peak of $2,400.59 per ounce, before settling just below this high at $2,395.87/ounce.
THEthe futures contract for June delivery jumped to $2,412.95 an ounce, compared to a high of 1,428.05 USD, continuing the performance largely positive tracked year to date which highlights a +16%.
The usual bullish factors contribute to supporting gold: large-scale purchases of gold central banks to replenish reserves; the weakness of dollar; the prospect of a reduction in interest rates by the Fed, that if this year the cut will be further away and less incisive.
The data of theUS inflation and of Federal Reserve minutes they revealed in fact that the US central bank remained disappointed by price growth above expectations and decided to wait more time to proceed with a rate cut. The ECB, however, confirmed the expectation of a cut in June and therefore it won’t be long before the Fed intervenes, now expected in September.
Then there are those who cite the increase in the price as a supporting factor US debt or the minor competition from “alternative” assets or other safe haven assets, such as cryptocurrencies. Less involved in the rise in prices question geopoliticsalthough conflicts in Eastern Europe and the Middle East continue to support safe havens overall.
