Each ounce of gold approached 2.330 USD in the weekend trading session, far surpassing the old record set in the previous session.
Closing this week's trading session, world gold prices still tended to escalate, with a total increase of 5%. This is the third week that precious metals have increased in price sharply.
Closing the session on April 5, the precious metal increased by more than 4 USD to 32 USD an ounce - an all-time high.
Prices go up due to many factors, from tensions in the Middle East, expectations of the US reducing interest rates, speculative buying activities to the needs of central banks. These things help precious metals maintain their upward momentum, despite data released yesterday showing that the US job market was vibrant in March.
World gold prices skyrocketed on March 5. Graph: Goldprice
The US Department of Labor announced on April 5 that the country created 4 new jobs in March, exceeding economists' forecasts. The unemployment rate also returned to 303.000%. While survey of Reuters Previously, the number of new jobs was forecast to increase by only 150.000 - 250.000.
On April 4, US Federal Reserve (Fed) Chairman Jerome Powell reaffirmed that the agency is in no hurry to raise interest rates. In the March policy meeting, the Fed kept the reference interest rate unchanged at 4-3%. According to the CME FedWatch interest rate forecasting tool, investors now think the likelihood of the Fed raising interest rates in June is 5,25%, instead of 5,5% last week.
On kitco, Nicholas Frappell – Director of Institutional Markets at ABC Refinery warned that prices could adjust. He said he is "currently very cautious with gold prices at this level because the market seems to have increased too fast and too strongly."
The prices of some other precious metals also went up yesterday. Silver rose 1,4% to $27,3 an ounce. Platinum stable at 925 USD. Both increased in price this week. In contrast, palladium fell 1,7% to $1.003 an ounce.
On the US stock market, all three key Wall Street indexes also increased yesterday, thanks to the positive employment report. DJIA increased 0,8% to 38.904 points. S&P 500 added 1,1%, closing at 5.204 points. Nasdaq Composite increased 1,2%, closing at 16.248 points.
Ha Thu (according to Reuters, Kitco)
