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Gold price reaches new record of over $2,300

The rise may be due to concerns about the global economic outlook.

Imagen de archivo de lingotes de oro apilados.

(Cordon Press)

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Williams Perdomo

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Gold was quoted above $2,300 this Thursday for the first time. The precious metal has broken several records in recent weeks.

"Gold was quoted on Thursday for the first time above $2,300, driven by expectations of a reduction in interest rates in the United States and geopolitical tensions," explained AFP.

Projections about when the Federal Reserve will begin reducing rates have been the main driver of the value of precious metals, which do not earn interest.

Attention is now focused on this week's release of U.S. jobs numbers, and a low number could give the Fed room to cut interest rates sooner rather than later.

Meanwhile, analysts also say that the increases may be due to concerns about the world's economic future.

"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.

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