In December of 2023, Gold achieved a historic breakthrough, soaring above the $2,100 mark for the first time in history!
In times of uncertainty and global conflict, investors often seek refuge in assets that have stood the test of time. Gold, with its rich history and value, is a prime example.
Amid uncertainties about the US dollar's value and its future direction, oftentimes investors turn to gold as a hedge.
Gold, known for being a “safe haven” asset during such times, has seen an increase in demand. Since November of 2023, the price of gold has risen by 1.77%, reaching $2,100+ per ounce which has never happened before.
In related news, Federal Reserve Governor Christopher Waller hinted at a possible policy relaxation should inflation figures show ongoing improvement. On December 1, 2023, Federal Reserve Chairman Jerome Powell countered anticipations of substantial interest rate reductions. However, his comments suggested that the central bank might temporarily pause its rate increases.
According to BMI Industry Research, a Fitch Solutions sister company, stated the following: “We believe the main factors buying gold in 2024 will be interest rate cuts by the U.S. Fed, a weaker U.S. dollar and high levels of geopolitical tension”.
Even though economic data may indicate progress, investors are still waiting to observe this improvement in everyday activities like grocery shopping or refueling their cars.
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