The price of gold rises for the eighth consecutive day
The precious metal's value rose as much as 1.2% to over $2,100 an ounce.
(Cordon Press)
The price of gold reached its all-time high of more than $2,100 per ounce. According to Bloomberg, the precious metal's value has been rising for at least eight days.
"The precious metal climbed as much as 1.2% to $2,185.50 an ounce, rising for an eighth straight day in an advance that has been fueled by hopes for rate cuts, central bank buying and renewed investor interest," Bloomberg assured.
Greater demand for gold
Meanwhile, analysts say that the rise may also be due to concerns about the global economic outlook.
"Concerns about the global economic outlook, Geopolitical tensions and changing expectations about anticipated interest rate cuts have driven increased demand for the precious metal, leading to an upward trajectory in prices," said Ricardo Evangelista, an analyst at ActivTrades, in a conversation with AFP.
In that sense, AFP explained that the drop in construction spending in January and consumer confidence in February reinforced expectations that the Fed will soon lower interest rates. This situation would affect the performance of the dollar and bonds, which would lead investors to bet on commodities like gold.
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