Investing.com – The price of gold in futures trade rose above $2,100 an ounce at 18:28, with spot gold rising above $2,101 an ounce.
Gold’s rise today comes as markets wait for monetary policies to ease globally, which will harm the US dollar, whose index is declining today at 103.753.
Global investment banks expect gold prices to continue to rise, as JP Morgan analysts, the largest investment bank in the world, expect the price of gold to reach $2,300 per ounce in 2025. While Goldman Sachs (NYSE:) analysts expect it to reach this level (2,300) within 12 Month.
Gold prices stabilized near the highest level in two months during trading today, Monday, after the release of economic data related to the United States economy last week, as these data strengthened the possibility of the Federal Reserve (the US central bank) reducing interest rates in June.
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“The key drivers for gold are what happens on the interest rates front – and we saw a move higher in prices on Friday as a series of macroeconomic data releases in the US spur the Fed to cut rates sooner,” Marks analyst Edward Meir said. “than was expected.”
Gold prices rose around $50 last week on the back of easing price pressures according to the Federal Reserve’s preferred measure of inflation.
Data from the University of Michigan revealed that the Consumer Confidence Index decreased by 2.7% on a monthly basis to 76.9 points in the revised reading for February, compared to 79 points in January, and compared to the initial reading of 79.6 points.
The US interest rate tracking tool available on the Investing Saudi Arabia website showed that market expectations for the Federal Reserve to cut interest rates during the June meeting rose to 51.1%. Low interest rates enhance the attractiveness of the yellow metal, which does not generate a return.
Meanwhile, markets are awaiting the US February employment report scheduled for release on Friday.
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Gold upon settlement
Prices strengthened their gains when settling the first trading sessions of March, on Friday, to achieve gains for the second week in a row, with markets optimistic about a slowdown in the Federal Reserve’s preferred inflation measure during January.
Gold futures prices for April delivery rose by 2%, or $41, at $2,095.7 per ounce, upon settlement on Friday, which is a record level, as the yellow metal achieved weekly gains of 2.25%.
Gold and dollar now
Gold futures are now down 0.1% to $2,094 an ounce.
While it rose by about 0.14% to $2086 per ounce. This is the level seen on Friday when the contract reached its highest level since December 28.
On the other hand, the American settled at 103.797 points.
other metals
Platinum in spot transactions fell 0.7 percent to $884.35 per ounce, and rose 0.1 percent to $956.53. Both metals have fallen more than 10% so far this year. Platinum mining companies in South Africa are facing a crisis with falling prices.
Meanwhile, spot transactions decreased by 0.4 percent to $23.06.
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