Africa-Press – Lesotho. Gold, breaking new records day by day, exceeded another important threshold by reaching $4,320 on Thursday. Gold prices rose sharply amid growing anticipation of additional US interest rate reductions and escalating concerns over US-China trade relations.
The price of gold increased by 2.7% to reach $4,322 per ounce as of 2048GMT, while it gained around 58% on an annual basis. Silver prices rose by 2.26% to $54.20, which is a historically high level.
The price of silver increased around 67% during the last 12 months. The market’s new rate cut expectations from the Federal Reserve, ongoing trade tensions in the world particularly between the US and China and regional developments are fueling the increase in gold. Another significant reason for the rally in the gold price is central banks’ moves to purchase gold for their reserves.
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