Gold Price Reaches New All-Time High as It Surpasses $2,300

Joshua Ramos
gold bars
Image Source: Pixabay

Continuing on its positive gains that have been present throughout this year, the Gold price has reached yet another all-time high, surpassing $2,300. Indeed, the ascension was likely driven by recent comments made by Federal Reserve Chair Jerome Powell yesterday.

Powell halted expectations of impending rate cuts in 2024. Specifically, he noted the necessity for more data to prove that inflation pressure is easing before cuts take place. Subseuqnlety, the haven metal had once again surged following the economic uncertainty.

gold bars wearing a crown

Also Read: Gold Prices Forecasted to Reach $7,000: Here’s When

Gold Price Reaches All-Time High Mark Yet Again in 2024

The last several months have proven to be immensely positive for gold investors. Indeed, since December of 2023, the asset has been valued at record marks, showcasing its prominence amid economic uncertainty. After a recent comment from the Federal Reserve, it reached yet another landmark.

The gold price has reached a new all-time high today as the metal surpassed the $2,300 mark. Specifically, the milestone figure is to be $2,304.09/oz. However, the interesting aspect of its ascension is that- like its previous increases- it may still have room to increase.

pure gold
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Also Read: Gold Prices Forecasted To Rise 35%, Reach New High of $3,000

Market analyst at Kenesis Money, Carlo Alberto De Casa discussed the assets trajectory. “There is big demand coming from Asia, particularly from China, and solid demand from Central Banks,” he told Reuters. “We have geopolitical risks and expectations around central banks curing rants, All these factors are lifting gold prices higher.”

Thereafter, Singaporean Bank OCBC also released a note saying that Gold “may have further room to run in the medium term.” Currently, the market is reportedly pricing in a 59% chance that cuts take place in June. However, its combination with a plethora of other facets increases the likelihood gold increases.

Central banks do not appear to be slowing down acquisition. Russia has recently noted that it is planning to double its gold purchases over the next month. Therefore, the metal should continue to increase and hit at least one more new high before the month is done.