Record gold price: 4000-dollar mark surpassed - Gold Price Surges Past $4000 for First Time Ever
Gold prices have reached an unprecedented milestone, surging past the $4000 mark for the first time ever. This significant increase is driven by investors seeking crisis-proof investments and expectations of further US bank interest rate cuts.
The gold price per ounce stood at $4000.01 (around €3441) on Wednesday morning, marking a more than 50 percent increase since the beginning of the year. UBS analyst Giovanni Staunovo attributes this sustained rally to investors continuing to buy gold despite its high price. A weaker dollar and robust consumer demand are also contributing to the upward trend.
Central banks and institutional investors are fuelling this trend with larger purchases. Additionally, there's growing interest in gold-backed exchange-traded funds (ETFs), further boosting the gold price today.
The gold price has broken the $4000 barrier, driven by investors' search for safe havens and positive sentiment towards the metal. With central banks and institutional investors also increasing their gold holdings, the upward trend is expected to continue.
