Mar. 4th 2024 - The price of gold reached a record high as hopes mount for a US rate cut this summer, following weaker-than-e

Mar. 4th 2024 - The price of gold reached a record high as hopes mount for a US 🇺🇸 rate cut this summer, following weaker-than-expected economic data published last week. The price of the precious metal surged to $2,114 (£1,664) an ounce in the spot market, after steady increases over the past few weeks. The biggest driver of the recent gold surge seems to be its role as a safe haven asset during political and economic uncertainty. Robust physical buying by central banks and investors in Asia has provided strong support to gold prices. Central bank demand, in particular, is seen as a key factor in sustaining high gold prices, counterbalancing profit-taking by other investors. Central bank net gold purchases totaled 1,037 tons in 2023. That fell just 45 tons short of 2022’s multi-decade record. China 🇨🇳 was the biggest buyer in 2023. The People’s Bank of China officially reported a 225-ton increase in its gold reserves. Total central bank gold buying in 2022 came in at 1,136 tons. It ... Source: The Paradigm Shift Channel ⏳