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The price of gold approached a historical high


May, 04 2023
watermark Economic news

The price of gold on Thursday is approaching a historic maximum after the announcement of the results of the US Federal Reserve meeting: the American regulator expectedly raised the discount rate by 25 basis points, to 5-5.25% per annum.


At the same time, the head of the Fed, Jerome Powell, said that the question of the advisability of a further increase in the rate remains open, since inflation is still high, but at the same time, economic growth is slowing down and there are risks of tightening lending conditions from banks.


The central bank's decision led to a significant weakening of the dollar against the euro and the yen, as well as a decrease in the yield of US government bonds, which are an alternative to the precious metal as safe haven assets. The dollar index dropped to 100.80 points today, which made gold more profitable to buy in another currency. 


The current gold quote is $2,051 per troy ounce. Immediately after the announcement of the results of the Federal Reserve meeting, precious metal prices jumped to the level of $ 2082. This is the highest price since the historic high in 2020, when it reached $2,089 per troy ounce.


Analysts expect that gold prices will continue to rise in the medium term. The main benchmark for the summer is $2250-2300 per ounce. July silver futures also rose to $26,157 per ounce.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.