Gold sets new record high… How much does an ounce cost?

Gold prices hit unprecedented highs as the metal was supported by central bank purchases amid geopolitical tensions, while strong U.S. economic data failed to dampen demand.

By 03:45 GMT, gold was up 0.5 percent at $2,384.34 an ounce. The metal hit an unprecedented high of 2395.29 in the previous session.

U.S. gold futures rose 1.2 percent to $2,401.80.

Luca Santos, analyst at ACE Securities, said: “Wars happening around the world are the only thing that will definitely prompt central banks to buy gold. Historically, this has always happened because gold is a safe haven.”

Despite recent inflation data and a strong U.S. jobs report last week raising more questions about the likelihood of interest rate cuts this year, gold is on its way to its fourth straight weekly gain and is up more than 15 percent since the start. year.

High interest rates reduce the attractiveness of holding non-yielding gold.

As for other precious metals, silver rose one percent in spot transactions to $28.75 an ounce, its highest level since February 2021.

Platinum was up 0.7 percent at $986.65 and palladium was up 0.1 percent at $1,049.83.

All three metals are headed for weekly gains.

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