Gold cannot get enough of records

Signs of weakness in regional banks in the US and global trade tensions have driven investors to seek safe havens. This situation has caused gold to reach a new peak, climbing above 4,300 dollars per ounce.

As of Friday, spot gold was trading at 4,336.18 dollars per ounce, up 0.3 percent, after reaching a record level of 4,378.69 dollars earlier in the session.

Bullion, which has gained 8 percent in value this week, recorded its best weekly performance since March 2020. Seeing new peaks in every session, gold has posted a strong weekly rise. Spot silver, meanwhile, fell 0.7 percent to 53.86 dollars per ounce, but remains on a trend to maintain its gains on a weekly basis.

The Chief Analyst at KCM Trade stated that gold could reach the 4,500 dollar level faster than expected. However, they emphasized that this depends on the impact of US-China trade tensions and a potential government shutdown on the markets.

Meanwhile, China has accused the US of causing panic with controls on rare earth elements and rejected calls to lift export restrictions. US Federal Reserve Governor Christopher Waller announced that he supports further interest rate cuts due to concerns in the labor market.

News Source: 12punto