The price of gold continues to record record levels in every session since last Thursday (Shutterstock)
The price of gold rose to a record level today, Thursday, amid Federal Reserve officials (the US central bank) confirming their expectations to reduce interest rates in 2024, in addition to anticipating job data in the United States.
Gold settled in spot transactions at $2,299.28 per ounce by (03:43 GMT) after rising to an unprecedented level of $2,304.09 earlier in the session.
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Gold prices continue to record record levels in every session since last Thursday.
US gold futures increased 0.2% to $2,318.70.
Michael Langford, chief investment officer at Scorpion Minerals, said: “What is pushing the price of gold to rise is the decline in the value of currencies globally against the dollar for a variety of reasons... and people are accepting gold as a means of protection against the decline of currencies locally.”
Federal Reserve officials - including Bank Chairman Jerome Powell - continued to focus yesterday, Wednesday, on the need for more discussions and data before lowering interest rates, a step that financial markets expect to occur next June.
The US jobs report for March is scheduled to be released tomorrow, Friday, with new inflation data to be released next week.
"If non-farm payrolls are in line with expectations, or worse than expectations in terms of a weak labor market, this will be positive for the possibility of lower interest rates, which in turn will be positive for gold," Langford added.
Lowering interest rates reduces the opportunity cost of holding bullion.
As for other precious metals:
Silver fell in spot transactions 0.5% to $27.08 per ounce.
Platinum fell 0.1% to $935.39.
Palladium rose 0.4% to $1,017.83.
Source: Reuters