Gold News

The increase in gold prices is creating problems for jewelers in Asia and the Middle East. Due to the high prices, customers are rushing to turn in old jewelry and coins. According to experts, this may reduce imports and slow down price growth.

After falling for two consecutive days, gold stabilized near the all-time high of $3,057 hit on Thursday. Economic and geopolitical risks are boosting demand for safe-haven assets, thus pushing the metal up.

An increase of the indicator value may contribute to the rise in quotes of Gold.

The gold market is experiencing moderate profit taking after the prices exceeded $3,050. Senior strategist at US Bank Wealth Management Rob Haworth warns that, despite the likelihood of reaching new highs, further asset growth requires increased uncertainty.

Gold is holding strong near the all-time high of $3,057 set on Thursday. The precious metal is heading for its third consecutive weekly gain.

Major mining companies, including India's Vedanta and China's Zijin Mining Group, have been granted exploration licenses in Saudi Arabia. The companies were awarded sites covering 4,788 square kilometers, which include the Jabal Sayid copper deposit, according to Bloomberg.

Last year, central banks were the major gold buyers. But now the main driver has switched to dollar depreciation and risk-off sentiment, Daniel Ghali of TD Securities believes.

Gold hit an all-time high in morning trading on Thursday, reaching $3,057. The price increase was driven by the Federal Reserve System's (Fed) hint at two possible interest rate cuts this year.

No change of the indicator value may reduce the volatility of the related markets.

A decrease of the indicator value may contribute to the rise in quotes of Silver, Gold and the fall in quotes of USD.