Ounce of gold is breaking records: Nears 2,169 dollars

The price of an ounce of gold hit a new record close to $2,169 after US Federal Reserve (Fed) Chairman Jerome Powell reiterated that the bank will likely cut interest rates this year.

1 min read

While the ounce of the precious metal reached a record high of 2 thousand 164 dollars yesterday, it approached 2 thousand 169 dollars today.

It is noteworthy that the price of an ounce of gold has broken records for four consecutive days. While the gold price broke a record at the beginning of December 2023 and rose to 2,135 dollars per ounce, the price has remained above about 2 thousand dollars since then.

Analysts noted that high interest rates put pressure on the price of gold, while gold received support yesterday from the Fed’s reiteration that it would probably cut interest rates this year.

Fed Chairman Jerome Powell said yesterday that they are “not far” from gaining the confidence that inflation is falling sustainably towards 2 percent, which they need to start cutting rates.

Reminding that the precious metal does not generate a steady income, analysts said it becomes less attractive in such an environment compared to other assets considered safe, such as US bonds.

While it is noteworthy that central banks’ gold purchases have been at a record level for 2 years, according to the World Gold Council, it contributes approximately 10 to 15 percent to the acceleration of gold prices.


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