The price of gold, one of the safe-haven assets in times of uncertainty, revalidated its historic high this Thursday, surpassing 2,798 dollars per ounce. This increase occurred after the European Central Bank reduced interest rates and following the Federal Reserve's decision to maintain them the day before.
The golden metal reached 2,798.58 dollars per ounce at 17:01 Spanish time (16:01 GMT); however, it later experienced a slight decrease. At 18:15 Spanish time (17:01 GMT), gold was priced at 2,790.14 dollars, reflecting an increase of 1.12%. The previous historic high was on March 31, 2024, when the price of gold reached 2,790 dollars per ounce, while it has increased by more than 6% so far this year.
Manuel Pinto, market analyst, attributes this new historic high in the price of gold to the weakness of the dollar, macroeconomic data falling short of expectations, and the growing possibility of an earlier reduction in interest rates by the Federal Reserve. The precious metal has recorded several historic highs since 2024 due to the prospects of new interest rate cuts, gold purchases made by central banks, and the situation in the Middle East.
