Gold reached an all-time high, continuing its extraordinary rally fueled by geopolitical tensions and a weakening US dollar. Spot gold prices rose 1.2% to above $4,530 per ounce, influenced by tensions in Venezuela and the US offensive against ISIS in Nigeria.
The weakening US dollar also supported the surge in this precious metal. The Bloomberg Spot Dollar Index fell 0.7% this week, giving gold and silver room to continue strengthening. Massive buying by central banks and ETFs also contributed to the price increase. Furthermore, platinum also recorded a significant surge, rising 40% this month, driven by limited supply and strong physical demand. (asd)
The price of gold at the time of this analysis was $4,512.
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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