The price of gold in spot transactions jumped above the $2,500 level per ounce, for the first time in its history, supported by optimism about the imminent reduction of the US Federal Reserve Bank of America interest rates.
The price of gold for immediate delivery reached the level of $2,500.16 per ounce today, Friday, exceeding the record it set last month.
These increases were prompted by a disappointing reading of the US housing market, which reinforced expectations of faster and deeper cuts in US interest rates.
Low interest rates are generally positive for gold because it does not pay any interest on its possession.
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