Background on Gold and Its Current Market Status
The international market price for gold has reached a new historical high of $3,677.97 per ounce. This represents a 0.64% increase from its selling price on the previous Friday.
Goldman Sachs’ Predictions and Market Analysis
According to the investment bank Goldman Sachs, the price of this precious metal could potentially reach $4,000 per ounce or 28 grams. The metal, regarded as a safe-haven asset, has experienced a 37% price increase so far this year.
Factors Driving Gold’s Price Surge
Despite not offering interest, gold’s price rises due to the depreciation of the US dollar in the international market and a decrease in interest rates in the United States. The World Gold Council attributes this surge to geopolitical instability and the central banks’ purchases of gold.
Key Questions and Answers
- What is the current price of gold? The international market price for gold has reached a new historical high of $3,677.97 per ounce.
- Who predicted the potential future price of gold? Goldman Sachs, an investment bank, suggested that the price of gold could potentially reach $4,000 per ounce or 28 grams.
- Why is gold’s price increasing despite it not offering interest? Gold’s price rises due to the depreciation of the US dollar in the international market and a decrease in interest rates in the United States.
- What factors are contributing to gold’s price surge? Geopolitical instability and central banks’ purchases of gold are driving the increase in gold’s price, according to the World Gold Council.
