Important price record for gold

Published 17 August 2024 at 13.44

Economics. The price of gold has continued to rise in recent weeks and when international gold trading closed for the weekend, the price was above $2,500 per troy ounce for the first time – a magical threshold for many investors.

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The price of gold hit new record highs on Friday, in both the spot and futures markets.

The spot price rose above $2,500 per troy ounce for the first time just before the opening, just half an hour into the North American trading day.

After a brief decline to $2,479 per ounce, gold regained its momentum and once again broke above the 2,500 level.

At the end of the trading day, spot gold traded at a record high of $2,509.42 per ounce , up 2.15 percent on the day.

Phil Carr, head of trading at The Gold & Silver Club, noted that gold has been on an uninterrupted rally since last October and is up over 38 percent since then.

“There is a strong historical correlation between the U.S. national debt and the price of gold,” he wrote .

Others saw the gold as an indication of both political and economic concerns. Peter Schiff criticized American monetary policy and called the rise in gold a signal of an overly lax policy in the area.

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