Gold prices have smashed through yet another price high and set a new record within the last few hours. The yellow metal peaked at £1,922 ($2,398) following safe-haven demand and central bank buying earlier this morning, with prices refusing to bow to steady unemployment data and Wednesday’s hotter than expected inflation data.
Fuelling this run is central bank demand and safe-haven appeal as fears grow that Iran may step into the war in the Middle East. The latest price high marks a fourth consecutive week where prices have risen. Overall, gold has gained 15% already in 2024.
Luca Santos, who serves as an analyst at ACY Securities said, “One thing that is definitely fulfilling this gold buy from central banks are the wars happening around the globe, if we look through history this always happened as gold is a safe haven.”
It’s all but certain that prices will continue to rise.
