International gold prices have reached another record high! During the Asian session on the 6th, gold surged to a historic price of $3,900 per ounce, approaching the $4,000 per ounce mark.
As negotiations over a potential U.S. federal government shutdown remain at an impasse and investors anticipate another interest rate cut by the Federal Reserve, capital is once again flowing into gold as a safe haven.
The spot gold price (XAU) soared to $3,910.09 per ounce before 8 a.m. Malaysia time on the 6th, an increase of 0.6%.
Since the end of August this year, international gold prices have entered a new upward trend, surging from $3,400 to over $3,900, with prices rising more than 15% in just one month.
According to analysis, there are multiple factors behind the rise in gold prices, including continued gold purchases by central banks, a decline in the U.S. dollar index, expectations of rising inflation, and increasingly complex geopolitical situations. In addition, waning investor confidence in the United States and the decline of the dollar’s dominance are key reasons why the world is increasing its gold holdings.