Gold prices stabilize after record highs:
What's next for investors?
(USAGOLD – 05/17/2024) Gold prices are strong at the start of the session and silver is close to its three-year high reached in April. Gold is trading at $2,388.44, up $11.48. Silver is trading at $29.93, up 35 cents. The recent rise in the price of gold, driven by central banks shifting from US Treasuries to gold, appears to have stalled. Despite record prices, global demand for gold has remained stable over the past decade, with the rise largely fueled by increased willingness to pay and speculation. Central banks, particularly in China and Russia, have increased their purchases of gold, while other gold-buying central banks have also increased their holdings of U.S. Treasuries since 2022. Although gold remains a hedge against economic and systemic risks, the medium and long term outlook suggests more downside than up. Investors should view gold's role as a portfolio hedge rather than chasing price gains.
This entry was posted in Today's top gold news and views. Bookmark it Permanent link.