OAN Staff James Myers
2:12pm – Friday, October 18, 2024
Gold prices continue to break records. This was the big news in the precious metals industry this week after precious metal prices soared above $2,700.
advertisement
Currently at $2,716.64 an ounce, the new price record comes just weeks after gold hit its previous record of nearly $2,600. This is after the metal's price started the year at $2,063.73 per ounce, which is a significant increase in less than a year.
Meanwhile, industry experts now expect prices to exceed $3,000 as early as this year.
Gold prices have risen more than 30% so far this year, surpassing record levels, on the prospect of further rate cuts from the US Federal Reserve following September's 0.5 percentage point cut.
“In addition to Middle East concerns, the US election is also coming up and looks very close. And that is creating a lot of uncertainty, and in times of uncertainty, money is the go-to. ,” said Nitesh Shah, product strategist at WisdomTree.
Gold prices are expected to rise to “$2,941 per troy ounce” over the next 12 months, according to participants at the London Bullion Market Association's annual meeting.
“An LBMA poll released in Miami earlier this week said the fundamental view for gold prices is to rise to near $3,000 next year and for silver to do even better. ” said Ole Hansen, head of product strategy at Saxo Bank.
Additionally, gold itself does not yield interest, so profits tend to increase when interest rates are lowered.
The European Central Bank also cut interest rates by a quarter of a percentage point for the third time this year.
Additionally, spot silver fell 0.3% to $31.56 an ounce, while platinum rose 0.1% to $994.00 and palladium rose 1.7% to $1,041.
Stay informed. Receive breaking news directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Advertisement below
Please share this post!
