Gold prices jump to $4,922 as demand stays strong
Image used for illustrative purpose. Photo: WAM
World Capitals: Gold prices went up sharply on Thursday, reaching $4,922 at the time of publishing. The rise came after prices had fallen earlier in the day, as traders sold some gold to lock in profits.
Spot gold climbed again in late European trading, rising about 0.8 percent to nearly $4,870 per ounce. This helped gold recover from earlier losses and move closer to recent record levels.
Gold futures for February delivery also increased by around 0.8 percent, trading near $4,880 per ounce. The price rise was supported by a weaker US dollar and strong demand from investors who see gold as a safe place to keep their money.
The US dollar index fell by about 0.4 percent against major currencies. When the dollar becomes weaker, gold often becomes cheaper for buyers using other currencies, which pushes prices higher.
Other precious metals also saw strong gains:
Silver jumped more than 2 percent to around $95.3 per ounce, after hitting a record high earlier this week.
Platinum rose nearly 3 percent to about $2,550 per ounce, staying close to its highest levels.
Palladium increased by roughly 3 percent to around $1,880 per ounce.
Market experts said gold remains strong because investors are worried about market swings and global political tensions. Continued buying by central banks and a softer US dollar are also helping support gold prices.
Gold price today, precious metals market, US dollar impact on gold, and safe-haven investment demand remain key topics as investors closely watch global economic trends.
