The price for a troy ounce of gold (about 31.1 grams) rose to $ 3,528 in the late afternoon. Gold was more expensive than ever. Compared to the previous day, the price increased by more than $ 80. Gold is one of the most sought -after systems this year.
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Experts attributed the gold profits to several factors. The expectation of interest rate reductions from the US Federal Reserve plays an important role after the last job market data in particular had been weak. Lower interest rates increase the attractiveness of gold, which, unlike bonds, does not remove any interest.
According to precious metal dealer Alexander Zurpfe from Heraeus, investors are now looking forward to the US labor market data on Friday for August, which is decisive for the extent of the expected Interest rate should be. Until then, the mood on the gold market remains extremely positive.
From a market -related point of view, the next resistance is in the range of $ 3,550 to $ 3,600, while initial support can be found at $ 3,450 and $ 3,400. A sustainable outbreak over the $ 3,600 mark could clear the way towards $ 3,650.
Gold is also classified by many investors as a relatively safe refuge in politically uncertain times. The continuing Russian attack war against Ukraine has investors reach for the precious metal.
In addition, investors are also concerned about the political independence of the US Federal Reserve Fed, which not only has to keep an eye on the labor market, but also the consequences of US customs policy for inflation. US President Donald Trump is considered the vehemently advocate of lower interest rates and has recently increased the pressure on the central bank with the desired discharge of the FED-Gouverne Lisa Cook.
The accusations of Cook are also a clear warning to the other central bank members to bow to the pressure of the government towards significant interest rate reductions, said raw material analyst Thu Lan Nguyen from Commerzbank and continued: “In the event of increasing inflation risks, the FED should be much more hesitant than would otherwise have been the case.” There is a risk of long -term inflation due to too low interest. Gold systems would also be more attractive in such an environment, because the precious metal is often seen as protection against high inflation.
The demand for gold is also fed by investors who want to spread their facilities broadly. This applies to private individuals who buy securities secured with the precious metal and central banks. They want to reduce their dependence on the US dollar with gold.
London (dpa-Afx)