Following a 14% decline since the war began at the end of February, gold has increased for a second day, rising up to 1.3% and trading above $4,500 an ounce.
Today, Silver gained 1.9%, reaching $71.11 per ounce. Platinum and palladium also saw gains.
Gold peaked at an all-time high of $5,602 at the end of January and seemed poised to rise further in early March. However, it subsequently dropped nearly 25%, reaching a low of $4,100, before climbing back to $4,500.
Elevated central-bank purchases have been a key factor in bullion’s rally over the past few years. However, two weeks after the war began, Turkey’s central bank broke this pattern by selling and exchanging around 60 tons of gold valued at over $8 billion.
The renewed interest in gold among investors suggests they have seized the opportunity presented by the recent price decline, driven by the ongoing war.
As inflation concerns escalate and expectations for interest rate cuts diminish, more investors are expected to turn to gold as a safe haven.
By CEO NA Editorial Staff
