Precious metals rose above milestone prices on Thursday, with much buying fueled by reports that the U.S. economy remains resilient.
Key Point:
- Gold is aiming for a new record of $2,305.
- The US economy will grow, but inflation will stagnate.
- Since February 15th, gold has gained 15%.
- gold price
XAUUSD It rose for a seventh straight day on Wednesday and continued to rise early Thursday after a new report showed signs of further growth. U.S. companies added 184,000 new jobs in the private sector in March, the largest increase since July 2023. The figures were released by payroll processing company ADP ahead of Friday’s non-farm employment report, which includes all employment except agriculture and government. - Increased privacy Employment in the sector is increasing due to stagnant inflation. In other words, the perfect balance between economic growth and the reversal of price pressures. At least for now. This is also what the Federal Reserve is aiming to lower interest rates this year. Again, Friday’s big jobs report will be the next big milestone.
- in that context, gold broke through the invisible $2,300 level as falling interest rates led traders to look for alternatives to fixed-income assets and assets that yield fixed interest rates. The precious metal soared to an all-time high of $2,305 per troy ounce early Thursday, marking an impressive 6.5% rise over the past seven trading days. Zooming in further, gold has rallied a massive 15% since February 15 with just 9 down days out of a total of 33 trading days.
