Gold prices have reached a record again

The global gold market continues to show positive dynamics, and prices again reached historic highs on Wednesday. Quotations of June gold contracts on the New York Comex exchange rose to $2308.85 per ounce.

In March, the precious metal increased its value by 8.9%, and for the entire first quarter, the price of gold increased by 8%. In total, since the beginning of this year, the increase has amounted to 10.5%.

Analysts believe that the main factor stimulating demand for gold was the growth of geopolitical tensions in the Middle East. In addition, expectations of interest rate cuts by the Federal Reserve this year also support the market, although the first such step, according to forecasts, may be postponed until July.

Another possible driver of the strengthening of gold could be the depreciation of the dollar on Tuesday, but the price of gold continues to rise even on days when the dollar was strengthening. This indicates the involvement of other factors, such as strong demand from certain states wishing to diversify their dollar assets, experts believe.

Experts are quite surprised by the dynamics of gold. «It shows a unique strength and ability to grow in price in any market conditions,» analysts say.