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Gold Price Up Amid Asian Demand

Gold Hits $2,359.97 Amid Asian Demand; Fed Cuts Could Reverse Trend

Posted on May 14, 2024
Writer: James Miller

The gold spot price hit $2,359.97 on Monday, rising 2.5% from last week. Gold had been below $2,340 for more than two weeks, and this is the first time it has peaked since April 22.

Experts tie this surge to geopolitical tensions in the Middle East, which initially increased gold’s status as a safe-haven investment. They also attribute the upward trend to the growing demand for gold in Asian markets, particularly in China.

However, experts also worry that the trend might reverse this week amid ongoing discussions by the Fed to cut interest rates. With signs of de-escalation in Middle East tensions, especially between Iran and Israel, gold could become more vulnerable to interest rate cuts.

Apart from gold, the silver spot price on Monday was $28,38, platinum was $1,016.61, and palladium was $991.31.

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