Andrey Goilov | Apr 08, 2024 04:40AM ET
Gold's price soared to a new record high on Monday, stabilising around 2344.00 USD per troy ounce. A confluence of factors is currently bolstering the precious metal's value.
Geopolitical tensions in the Middle East are a significant driver, positioning gold as a preferred "safe-haven" investment. Additionally, central banks worldwide are increasing their gold reserves, while global exchange-traded funds (ETFs) that track the metal's price continue to show keen interest.
Recent US job market data for March surpassed expectations, indicating a robust end to the first quarter for the US economy. These developments could impact the Federal Reserve's interest rate decisions, as lower rates diminish the opportunity cost of holding gold, further supporting its price increase.
Since the start of the year, gold has appreciated over 12% in value, showcasing an impressive performance for what is traditionally viewed as a conservative asset.
XAU/USD technical analysis
By RoboForex Analytical Department
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