The Strategist

Gold exceeds $2400 per ounce for the first time in history

04/15/2024 - 10:20

Friday's trade saw gold prices break beyond $2400 per ounce for the first time, setting yet another milestone.
Quotes for June gold contracts on the New York Comex exchange had increased 1.7% to $2413.9 per ounce on Friday. The price of the precious metal has increased by more than 14% since the year's commencement.

According to MarketWatch, the precious metals rally is driven by the Federal Reserve's anticipated interest rate cut, significant geopolitical dangers, and aggressive demand from central banks. Analysts forecast that the surge will continue because these variables aren't going anywhere.

"Only minor statistical data from the U.S. are expected next week and gold will hardly experience significant pressure," Commerzbank's head of commodities research Thu Lan Nguyen stated.

Saxo Bank's Ole Hansen, meanwhile, indicated technical resistance at $2450, $2500, and $2645 per ounce, but he cautioned that any pullback is probably going to be minor.