This week saw gold hit an important milestone, with prices hitting their highest level since August. The bulls are surging ahead after a few weeks of losses, with momentum gathering as the Middle East crisis intensifies and expectations of a change in Federal Reserve policy grow.
A number of Federal Reserve officials have publicly stated that they do not believe further rate increases will be necessary, leading analysts to theorise that a pivot away from the restrictive rate increases of the last 18 months could finally become a reality.
Further boosting gold is the increasingly fraught geopolitical situation, with the Middle East-Hamas war and the Russia-Ukraine war now taking place concurrently. Safe-haven demand is increasing as a result, taking gold to a 10-week high during trading yesterday (Thursday). Prices are rising fast and are on course to set a new all-time high in a matter of days.
