Gold surges past $2,400 per ounce, setting new all-time record

NEW YORK/MOSCOW: Gold prices surged to a historic high on Friday, surpassing the $2,400 per ounce threshold for the first time, amid a flurry of factors driving investor interest in the precious metal.

June gold contracts on the New York Comex exchange rose by 1.7% to hit $2,413.9 per ounce by 12 Moscow time. Year-to-date, gold has seen an impressive 14% increase in value.

The rally in gold prices has been fueled by expectations of a Federal Reserve interest rate cut, heightened geopolitical tensions, and robust demand from central banks, according to MarketWatch.

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Analysts anticipate that these catalysts will persist, sustaining the upward trajectory of gold.

“Only minor statistics from the United States are expected next week, and gold is unlikely to face significant downward pressure,” wrote Thu Lan Nguyen, head of commodity market research at Commerzbank.

Ole Hansen of Saxo Bank identified technical resistance levels at $2,450, $2,500, and $2,645 per ounce, while suggesting that any potential correction would likely be modest.