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The world price of gold on January 11; The ounce rose 0.02 percent

The price of gold per ounce increased by 0.02% to $2,607 and 1 cent.

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The price of gold per ounce increased by 0.02% to $2607 and 1 cent today. The price of gold futures on the Comex market of New York has reached $2,618 and 90 cents with an increase of 0.03%.

Business activity is at a low level on the last day of the year.

Analysts believe that the expectation of transition to a low interest rate environment was the most important reason for the brilliant performance of gold in 2024.

High central bank buying, monetary policy easing and geopolitical tensions have pushed gold to record highs in 2024, and now the precious metal is poised for its best annual performance since 2010. The price of gold has increased by more than 26% in 2024.

The market is now waiting for new stimuli, including the US economic data, which is due to be released next week, which could affect the outlook for interest rates in 2025. Donald Trump’s policies on taxes will be another influential factor.

Analysts believe that the interest rate outlook of the Federal Reserve Bank of America is the main driver of gold prices. American trade policies determine the inflation rate and as a result the Federal Reserve’s policy in determining the interest rate and certainly affects the price of gold.

This month, US Federal Reserve policymakers lowered their forecast of interest rate cuts in 2025 from 1% to 0.50%. Jerome Powell, the chairman of the Federal Reserve, said that further reductions in interest rates depend on the rate of inflation.

Gold is always referred to as a safe haven in times of high inflation and instability. But the high interest rate reduces the desire for this unprofitable capital.

Among other precious metals, silver was down 0.19 percent to $29.36, and platinum was up 0.57 percent to $909.35.

 

© Webangah News Hub has translated this news from the source of Mehr News Agency
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