ALBAWABA - Gold prices have increased in the past week to a new world record, hitting $3,537 amid risk aversion in financial markets.
It is worth noting that gold prices have increased by more than a third during the past eight months, making it one of the best-performing major commodities.
This recent surge has been fueled by expectations that the U.S. Federal Reserve will cut interest rates this month, after Federal Reserve Chairman Jerome Powell cautiously opened the door to a rate cut.
Gold prices recorded a big increase. (Shutterstock)
The important U.S. jobs report, which is set to be released this weekend, is likely to reinforce signs of a weakening labor market, further strengthening the case for interest rate cuts. Low-interest-rate environments tend to support non-yielding bullion.
Both gold and silver have more than doubled in value over the past three years, as rising geopolitical, economic, and global trade risks have increased demand for safe-haven assets.
Gold prices in the US today:
Gold prices in the United States today. (pricegold.net)
Gold prices in Jordan today:
Gold prices in Jordan today. (pricegold.net)
