Gold Hits Record High Above $4,630 as Prices Keep Rising
New York: Gold prices jumped to a new all-time high on Tuesday, crossing $4,630 per ounce, as strong demand pushed the precious metal higher despite a stronger US dollar.
During the day, gold climbed to a record level of $4,634.33 per ounce before easing slightly. At the time of writing, prices were trading near $4,610 per ounce. This marks another gain in gold’s long winning streak in global markets.
By 2:50 pm GMT, spot gold was up 0.8 percent at $4,631.19 per ounce. Gold futures for February delivery in the United States also rose, gaining 0.6 percent to reach $4,641.30 per ounce.
Gold prices rose even as the US dollar stayed strong and US Treasury yields moved higher. This happened after the release of new US inflation data, known as the Consumer Price Index, which often affects market trends. The move shows that investors are still turning to gold as a safe place for their money during uncertain times.
Other precious metals also saw strong gains. Silver jumped sharply by 4.7 percent to $88.95 per ounce after touching a record high of $89.10 earlier in the session. Platinum rose 1.9 percent to $2,387.35 per ounce, while palladium climbed 1.9 percent to $1,875.35 per ounce.
The strong rise in gold and other metals highlights growing investor interest in safe assets as global market conditions continue to change.
