Closure Above $2100: Gold Prices Hit Historic Milestone for the First Time Ever


The price of gold reached a new historical high in the latest trading session, surpassing the crucial level of $2100 per ounce.

As global financial markets continue to fluctuate, both gold and Bitcoin have seen a surge that has attracted more investors. Gold prices reached a new historical high in the latest trading, surpassing the crucial level of $2,100 per ounce. According to reports, COMEX April gold futures rose 1.31% on Monday to $2,123 per ounce, touching a high of $2,128.4 during the session, marking the first time this futures contract has broken through the $2,100 threshold. Meanwhile, spot gold prices also climbed to above $2,110, not far from the high point last December.

This price breakthrough is not only technically noteworthy but also holds special significance in the current economic environment. Despite ongoing positive U.S. economic data and anticipations of interest rate cuts by the Federal Reserve being scaled back, which resulted in rising U.S. Treasury yields and the U.S. dollar index, gold has continued its upward trend. Analysts believe this reflects a growing demand for safe-haven assets among investors, with gold, as one of the most important of these assets, experiencing a new surge.

Furthermore, global geopolitical unrest has also supported the price of gold. Investors prefer to hold safe-haven assets to counter political uncertainties and economic downturn risks. Financial investors often start buying gold ahead of interest rate cuts because gold and other non-interest-bearing assets tend to perform well in low-interest-rate environments. Expectations that the Federal Reserve might cut rates this year have kept gold prices above the critical level of $2,000 per ounce. Physical purchases by central banks and investors worldwide have also supported gold prices.

Against this backdrop, continuous purchases of gold ETFs by investors also reflect the market's optimism towards gold. The world's largest gold ETF - SPDR Gold Shares (GLD) saw its first daily inflow in nine trading days.

Despite factors such as a strengthening U.S. dollar, hedge funds, and fund managers are rebuilding their bullish bets on gold. Industry insiders expect that as gold prices rise, the rebuilding of the bull market will continue to drive gold prices higher. Future gold prices are expected to rise to $2,300 or even higher levels.

Gold, once again recognized as a safe-haven asset, has regained investors' attention towards its upward trend. With changes in the global economic and political landscape, gold is expected to continue its upward momentum, offering substantial returns to investors.


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