Gold hit a new record high on Thursday, with its price exceeding $2712 per ounce during trading.
The precious metal is rising in price amid a general increase in demand for the most reliable assets. This is due to uncertainty surrounding the US presidential election, continued tensions in the Middle East, and pessimism about the prospects for the Chinese economy. Gold is also supported by monetary policy easing by the world’s largest central banks.
On Thursday, the European Central Bank cut all three key interest rates by 25 basis points, noting that “the disinflationary process in the euro area is proceeding in line with expectations.”
The cost of December gold futures on the Comex as of 19:50 Kyiv time on Thursday amounted to $2705.9 per ounce, which is 0.5% higher than at the close of the previous session. Earlier in the day, precious metal’s price rose to $2712.7 per ounce.
Since the beginning of this year, December futures have risen by 25.2%.