Gold price per ounce hits a new record

The price of gold per ounce has been drawing attention as it hits record highs, fueled by increasing expectations that the Fed and the European Central Bank (ECB) will begin an interest rate cut cycle this year, alongside geopolitical tensions and rising demand from private funds and central banks.

The price of gold per ounce rose by 9.3 percent in March, marking its largest monthly increase since July 2020.

After reaching a record high of 2,266.85 dollars in early trading in London today, the price of gold per ounce was trading at the 2,261 dollar level as of 14:20 TRT.

Analysts stated that while inflation data from France and Italy in the Eurozone increased expectations that the ECB would cut interest rates, the price of gold per ounce was supported by rising geopolitical tensions and purchases by funds and central banks.

Emphasizing that low interest rates reduce the opportunity cost of holding gold, which does not provide a constant income, analysts noted that the recent appreciation of the dollar has not negatively affected gold prices.

News Source: AA