The price of gold saw a significant increase on Friday afternoon, drawing attention from investors around the world. The price of a troy ounce of gold (approximately 31.1 grams) surged above the $2,500 mark during trading, marking a rise of over one and a half percent and setting a new all-time high.
This sharp increase in price was driven by market expectations that the U.S. Federal Reserve might lower interest rates in September. Lower interest rates typically reduce the returns on other assets, such as bonds, and increase the attractiveness of gold as a safe haven for investors, especially during uncertain economic times.
This situation highlights how sensitive the market is to decisions made by central banks and how crucial investor expectations are in determining the prices of commodities like gold. Breaking the $2,500 per ounce threshold confirms that gold continues to be a significant and sought-after store of value in the global financial system.
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