Gold price soars past $2,800 per ounce for first time in history

On Wednesday, gold prices soared, surpassing $2,800 per troy ounce for the first time in history, News.Az reports, citing trading data.

At 10:39 a.m. (GMT+4), the December futures for precious metal rose by 0.69%, reaching $2,800.25 per ounce.

Analysts attribute the new record in the gold market to uncertainty surrounding the US election outcome, as well as concerns about possible escalation of conflict in the Middle East. These factors are fueling demand for safe-haven assets: investors view gold as protection against geopolitical and economic risks.

Gold has risen by more than 30% since the beginning of the year. In September, its value reached new records after the US Federal Reserve began easing monetary policy.

News.Az