(ECNS) –The international gold price maintained its upward trajectory, recording new highs on Friday, driven by factors including U.S. Federal Reserve policy shifts, geopolitical tensions, and increasing demand among central banks, with analysts predicting continued bullish sentiment amid expectations of a rate cut and safe-haven appeal.
COMEX gold futures for June closed 1.76 percent on Friday, reaching a staggering $2,349.1 per ounce. This marks another milestone in the relentless climb of gold prices, which have risen by over 14 percent since March.
Currently, the retail price of domestic gold jewelry from across China has surpassed 700 yuan (about $96.77) per gram.
“The currently rapid rise in gold prices began in early March when ISM Manufacturing PMI statistics came out significantly below expectations. Subsequently, Federal Reserve Board Governor Christopher Waller mentioned the reduction of MBS holdings while increasing Treasury holdings, further fueling market expectations of the Fed’s implicit easing of monetary policy, thereby driving the gold price upwards,” said Wang Yanqing, chief researcher of precious metals at China Futures.
U.S. economic statistics like rising unemployment, declining PCE price index, and lower-than-expected retail sales, confirmed that the resilience of the U.S. economy is diminishing, boosting expectations for the Fed’s rate cut in June and supporting the rise of gold prices.
Consumers shop at a gold jewelry store in Hohhot, Inner Mongolia Autonomous Region, on March 8, 2024. (Photo/China News Service)Jessica Biel CHOPS her long locks into a bob after book signing in Studio City
King Charles 'duped by senior aide into appointing colleague to Palace role'
King Charles 'duped by senior aide into appointing colleague to Palace role'
Harvest of renowned Longjing tea begins in east China
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
Wrexham are PROMOTED to League One after thrashing Forest Green 6
HKSAR LegCo unanimously passes national security bill
In Numbers: China's agricultural and rural economy in 2023
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
2024 Int'l Tourism Fair held in Madrid, Spain