Gold spot prices reached a new all-time high on Friday, briefly surpassing the $2,500 mark to hit $2,500.99 per ounce. As of the latest update, the spot price of gold was slightly below this peak, trading at $2,499 per ounce.
This new record comes on the heels of gold futures reaching $2,500 last week, underscoring the enduring strength of the precious metal. Gold’s spot price first exceeded $2,100 in December 2023 and surpassed $2,400 in April.
J.P. Morgan had forecasted in mid-July that gold would be the top-performing commodity of the year. The bank attributed gold’s robust performance to increasing geopolitical tensions, rising sanctions, and a trend towards de-dollarization. “We observe an increased appetite to buy real assets including gold,” noted Gregory Shearer, J.P. Morgan’s head of base and precious metals strategy.
Despite recent positive economic news in the U.S., including a strong retail report for July, the price of gold continued to climb, surprising some market observers.
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