The gold price passed a new milestone on Sept. 20, crossing the $2,600 an ounce barrier, trading at $2,634 an ounce.The new record comes a little more than a month after gold broke the once-inconceivable $2,500 an ounce barrier. All in all, the price of gold has risen more than 25% this year.
Most analysts linked bullion’s rise to the Federal Reserve’s decision to lower interest rates, which traditionally has been bullish for the gold price.
Geopolitical risks, such as ongoing conflicts in Gaza, Ukraine, and elsewhere, will ensure to sustain gold’s safe-haven demand
Some experts like Chris Gaffney, the president of world markets at EverBank, have predicted that gold will eventually hit $3,000 an ounce—though probably not this year.
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