The price of gold has risen to a record high again: the main reasons for the increase
29 January 09:28
Gold prices continue to rise rapidly and have once again reached a historic high, exceeding $5,400 per troy ounce.
This was reported by "Komersant Ukrainian" with reference to Reuters.
During trading on Thursday, January 29, the spot price of gold rose by about 2% to $5,511.79 per ounce, after earlier reaching a record high of $5,591.61. Thus, the precious metal continued its multi-week record trend.
Analysts attribute the price increase to increased demand for safe-haven assets amid global economic and geopolitical uncertainty. Key factors include rising government debt, tense international relations, and concerns about the direction of economic policy in a number of leading countries.
Additional support for the gold market is provided by central banks, which continue to build up their reserves, as well as large institutional investors. According to market participants, interest in gold remains consistently high despite record price levels.
Growth has also been recorded in the market for other precious metals. In particular, silver has approached the level of $120 per ounce, while platinum is also showing record prices.
Experts note that if current global risks and the soft monetary policy of leading central banks persist, gold prices may remain at elevated levels.
The price of precious metals
It should be recalled that on January 28, the price of gold was over $5,200 per ounce. The growth continues amid the weakening of the US dollar and the outflow of investors from sovereign bonds and currencies.
