Global gold prices have stabilized after weakening at the end of the year. However, gold remains on track for its best annual performance since 1979, in line with silver's performance. Spot gold prices are hovering around US$4,335 per ounce, slightly strengthening after a sharp decline earlier this week. Meanwhile, silver prices remain above US$75 per ounce.
Throughout this month, precious metal prices have fluctuated considerably. Gold and silver briefly set consecutive record highs before eventually correcting as investors began to take profits from price rallies deemed too rapid. This has led to a more cautious market approach towards the end of the year.
Overall, gold has surged more than 65% this year. Analysts believe gold prices still have potential to rise, driven by massive central bank purchases, concerns about high government debt, and the trend toward looser US monetary policy.
In morning trading in Asia, the price of gold bullion fell slightly by 0.1% to US$4,336.72 per ounce. The US dollar remained relatively stable, while silver weakened by around 1.6% to US$75.09 per ounce. Other precious metals, such as platinum and palladium, also experienced price declines. (az)
Source: Newsmaker.id
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