2024-04-12 10:52:43
Live – Noha Makram – Gold prices rose to their highest levels ever, today, Friday, and are about to record their fourth weekly gain due to geopolitical risks and economic concerns surrounding China, which has boosted demand for safe haven assets.
The spot price of gold rose by 0.9% to $2,394.87 per ounce, at 09:34 GMT, after recording a record high level of $2,400.35 at the beginning of the session. Prices rose by approximately 3% during the week.
US gold futures rose 1.6% to $2,411.70.
Ricardo Evangelista, chief analyst at ActivTrades, said that there is room for further upside in gold prices amid central bank purchases and high demand for safe haven assets with growing tensions among investors regarding escalating geopolitical conflicts.
The analyst added that doubts about the Chinese economy reinforce concerns about the growth of the global economy, which strengthens market sentiment by seeking safe haven assets.
Iran had announced that it would respond to Israel’s attack on its embassy in Syria, while the Central Bank of Vietnam said that it would increase the supply of gold bullion to stabilize the market, and the Chinese Central Bank added more gold to its reserves in March.
While the data showed a contraction in imports and exports in China during March, highlighting the difficult task facing policy makers who seek to strengthen the country’s fragile economic recovery.
As for other precious metals, the spot price of silver rose by 2.3% to $29.13 per ounce, recording its highest levels since the beginning of 2021. Platinum rose by 1.8% to $997.51, and palladium rose by 1.1% to $1,058.00. The three precious metals are heading for weekly gains.
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