Reported 2 days ago
Gold prices soared to a record high of over $3,017 per ounce due to increasing tensions in the Middle East and worries about a slowing US economy. Following military actions in Gaza by Israel, investors sought refuge in gold as safe-haven assets. Despite US retail sales data indicating weak consumer spending, expectations for Federal Reserve rate cuts remain unchanged, though concerns about broader economic stability persist. Major banks have raised their gold price forecasts as the metal continues to thrive amidst uncertainty.
Source: YAHOO