The price of gold broke the $2,750 per ounce mark for the first time in history. Over the year, the precious metal has risen in price by more than 30% – from $2,063.73 per ounce at the beginning of the year. Experts predict that the price of gold will continue to rise and possibly exceed the $3,000 mark this year. Such a sharp increase is due to a number of factors. Firstly, the increasing geopolitical risks associated with the US elections and the worsening situation in the Middle East are pushing investors to search for safe haven assets, one of which is gold. In addition, decisions by major central banks, including the ECB and the US Federal Reserve, to lower interest rates make gold more attractive to investors. The reduction of the base interest rate in China as part of measures to revive the economy is also contributing to an increase in demand for gold in the country, which is the largest consumer of the precious metal. Thus, the current market situation, characterized by lower interest rates combined with increased geopolitical risks, creates favorable conditions for an increase in gold prices.
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