Gold at historical price record of over $2137

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The price of gold reached an all-time high of more than $2,137 an ounce in today’s trade, fueled by the prospect that the Federal Reserve Board will start cutting key interest rates from June, reported AFP.

Investors await the speech of UFR Chairman Jerome Powell and key data on the domestic labor market later this week.

Spot gold prices still fell to $2,132.40 in afternoon trade, but remain near the high. American gold futures are trading at a price of $2,133.90, BTA adds.

Gold rose about $50 last week under pressure from weak US industrial data and falling inflationary pressures.

Since the previous rise in the price of the precious metal in December, analysts have argued with global tensions created by the ongoing military conflicts in Ukraine and the Middle East, as well as the confrontation between leading powers such as the United States and China.

It is because of this uncertainty that investors turn to gold, which is considered a safe asset in such times.