Illustrative image: TASS/TTXVN
At the close of trading on March 8, the price of gold for April 2024 delivery rose by $20.30, or 0.94%, to $2,185.50 per ounce – the highest level ever.
This move comes as the US Department of Labor announced on the same day that the country added 275,000 non-farm jobs in February, however, the unemployment rate also increased to 3.9%.
According to David Meger, Director of Metals Trading at High Ridge Futures, the underlying factors driving the price of gold higher are the expectation that the Fed will still cut interest rates late this year and the weakness of the USD.
Gold started setting record prices on March 5 when it “broke” the peak level set in December 2023 amid instability that increased the appeal of this traditional safe haven metal. Many experts believe that the price of gold will continue to rise in the future.
