The price of gold has reached a new historical high in Tuesday's session, surpassing $2,742 per ounce and recording an increase of 33% so far this year. This milestone occurred at 3:50 PM (1:50 PM GMT), when the metal hit $2,742.08, before slightly retreating to $2,736 at 4:10 PM (2:10 PM GMT).
According to Carsten Menke from Julius Baer, the significant rise in gold seems to be more influenced by market sentiment than by fundamental factors. Menke highlights that the price increase has been driven by market mood and the high level of speculation in futures recently recorded.
Analysts from Banca March suggest that the sharp increase in gold is related to the situation in the Middle East, a factor that counteracts the rise in sovereign bond yields. Despite the possibility of a short-term pullback, experts like Menke continue to see a solid long-term context for gold, supported by further cooling of the U.S. economy and prospects of declining interest rates in the country.
Menke also points out that gold imports in India have normalized, which, combined with weak Asian gold purchases, reinforces the favorable long-term perception of this precious metal. Additionally, the expert notes that factors such as the presidential elections in the United States could motivate Western investors to enter the gold market, regarded as a safe-haven asset in times of economic uncertainty.
