At a historical high reached the goldas the prospect of reducing interest rates by the federal bank of USA (Fed) and increasing concerns about the future of the Central Bank gave a new impetus to the perennial rally of precious metals.
The price of gold for immediate delivery increased up to 0.9% to $ 3,508.73 per ounce – surpassing the previous high in April – before limiting some profits during the first transactions in Asia today (2.9.25), according to Bloomberg. The precious metal has earned more than 30% this year, making it one of the most important goods with the best performance.
The last rise was fueled by the expectations that the US Central Bank would reduce interest rates this month, after Fed President Jerome Powell has carefully opened the door to a decrease. A key employment report in the US this Friday is likely to add to the signs of an increasingly sluggish labor market – supporting the case for reductions. This has enhanced the charm of precious metals, which do not give interest to holders.
“Investors who add to gold distributions, especially as interest rates from the Fed are pushing prices higher,” said Joni Teves, a strategic analyst of UBS Group AG. “Our main scenario is that gold continues to mark the next quarters. An environment of lower interest rates, milder economic data and the ongoing increased macroeconomic uncertainty and geopolitical risks reinforce the role of gold as a portfolio differentiate. “