The price of gold rose in spot transactions by 0.5% to $2,124.70 per ounce. Last week, prices rose by $50, due to weak US manufacturing data and easing price pressures.
Lower interest rates are expected to boost demand for gold, which is seen as a safe haven. SPDR Gold Shares exchange-traded fund broke to its highest levels across the daily, weekly and monthly time frames. This notable movement is attributed to inflation fears, the role of this precious metal as a hedging tool, and geopolitical concerns.