LONDON – The price of gold continued its sharp rise today, briefly surpassing another historic record when it climbed above $4,530 per troy ounce (31.1 grams), which corresponds to approximately CZK 93,330. Other precious metals also joined the rally, with silver and platinum strengthening significantly and also reaching new highs. Investors continue to shift capital into safe-haven assets in response to global economic and geopolitical uncertainty.
According to analysts surveyed by Reuters, the sharp rise in prices is mainly due to expectations that the US Federal Reserve (Fed) will cut base interest rates in the coming months. Lower interest rates usually increase the attractiveness of precious metals, which do not bear interest, and weaken the US dollar, in which gold is traded. A weaker dollar thus makes gold more affordable for investors from other parts of the world. Another important factor is growing geopolitical tension, particularly the ongoing conflicts in the Middle East and uncertainty surrounding the war in Ukraine. In times of increased instability, investors traditionally seek out gold as a safe haven that has the ability to retain its value even in times of economic turmoil.
Other precious metals also recorded growth. The price of silver climbed to its highest level in recent years, supported not only by investment demand but also by strong industrial use in energy and electronics. Platinum also strengthened thanks to the expected recovery of the automotive industry and limited supplies from major mining regions. Analysts warn that if the scenario of monetary policy easing in the US is confirmed and geopolitical tensions persist, precious metal prices may remain at elevated levels in the coming months. At the same time, however, they caution that the market remains sensitive to any new macroeconomic signals that could quickly reverse price developments.
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