On Monday, June 24, the price of gold istood at a previously reached mark, exceeding $1,400 per ounce. Last Friday, the precious metal's price soared to $1,411 per ounce and is currently seeking to hold its positions.
According to analysts, the current price is the highest since September 2013. Experts believe that the rising cost of precious metals demonstrates a decrease in risk appetite against the backdrop of increasing geopolitical tensions. The yellow metal is once again becoming attractive to investors as a safe-haven asset.
Previously, gold was supported by the decision of the US Federal Reserve to soften monetary policy, if necessary. The reasons for this were such factors as the growth of geopolitical uncertainty and low inflation, slowing the rise of the American economy. Following the Fed's meeting, the yellow metal's quotes rose by $13, to $1,364 for 1 troy ounce. At the end of last week, the precious metal managed to overcome the psychologically important mark of $1,400 per ounce. In this regard, a number of experts believe that gold may later become cheaper, since it has already reached the target range of $1,375– $ 1,400 for an ounce.
The yellow metal grew in price for the fifth week in a row. Experts believe that in the short term, it will continue to fluctuate in the range of $1,380 to $1,410 per ounce. A positive impulse for gold may continue in the second half of 2019, as the Fed is ready to ease monetary policy, and other leading regulators may follow its example. Experts consider the $1450 gold price per troy ounce to be the medium-term benchmark.
According to analysts, the current rise of gold prices in many currencies of the world is close to the record levels of previous years. A few months ago, the cost of precious metals peaked in countries such as Argentina, Australia, Brazil and Sweden. In a number of other countries, such as Canada, India, Mexico, South Africa, Turkey, and Uruguay, the price of gold remains high. In Russia and Hungary, the precious metal is almost close to its maximum values. Experts do not exclude that in the near future the yellow metal will be able to break the current price record.
