Spot Gold Soars to Record High

IconCryptoNewsTerminal Staff20 Aug, 2024

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Spot Gold Soars to Record High

Spot gold prices surged to a record high of $2,529.11 per ounce on Monday, continuing a rally driven by safe-haven demand and a depreciating US dollar. Investors sought refuge in gold amid concerns over rising inflation, geopolitical uncertainties, and global economic volatility. The weaker dollar made gold more affordable for buyers using other currencies. Analysts anticipate that gold will remain supported by these factors, with further gains possible.