Gold prices continue to rise strongly

15小时前Gold prices have soared past the $2,600 mark for the first time, driven by escalating tensions in the Middle East and investors betting on continued interest rate cuts by the U.S.

At the close of trading on September 20, gold surged by $36, reaching a record high of $2,622. This marked the second consecutive session of record-setting gains, following the Federal Reserve’s decision on September 18 to cut its benchmark interest rate by 50 basis points (0.5%). Low interest rates favor gold, as the asset does not pay fixed interest.

Since the start of the year, the precious metal has climbed 27%, the strongest annual growth since 2010. Investors have flocked to gold as a safe haven amid conflicts in the Middle East and other regions. Additionally, the weakening U.S. dollar has further fueled gold's rise, making the metal more affordable for buyers using other currencies, resulting in its sharp price increase.