Gold hits record high, meaning gold bars worth over a million dollars
Newsflash: the gold price has hit a new alltime high.
Spot gold has risen over its previous record high, set last Friday, to trade at $2,513.79 per ounce this morning.
This extends its recent gains, as gold has been lifted by expectations of cuts to US interest rates starting in September.
Falling interest rates support the gold price, as they make alternative assets such as bonds and cash reserves – which pay interest – less attractive.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says:
The recent demand boom can be put down to growing expectations that the US Fed is set to cut interest rates in the coming months. Add in central bank buying, demand…
