Last week, gold posted its best performance since the 2008 financial crisis, underscoring its key role in investors' portfolios during difficult times. The historic price rally, now two years old, is fueled by growing interest from both individual investors and central banks.
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“This is an option for investors to diversify their exposure to uncertainty related to monetary and fiscal policy” – said Samantha Dart, co-head of global commodities research at Goldman Sachs, quoted by the Financial Times.
Gold is breaking records, silver and platinum are following suit
It is not only gold that is enjoying increasing interest. Silver and platinum prices increased by 3.7%, respectively. and 2 percent, reaching record levels. Meanwhile, the US dollar weakened by 0.5%. against a basket of key currencies such as the euro and sterling.
Analysts indicate that the weakening position of the dollar drives demand for precious metals.
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“Commodities and precious metals often increase in value when the dollar is weaker” – explains Prashant Bhayani, director of investments in Asia at BNP Paribas Wealth Management, for the Financial Times.
Japan and global tensions are driving up gold prices
Experts emphasize that the increase in gold prices is also related to the situation on the bond market in Japan. Rising bond yields in the country, triggered by concerns about ambitious fiscal spending plans, have put additional upward pressure on precious metal prices.
“This is related to the situation on the Japanese bond market, as gold is perceived as a safe haven“Dart added.
Political and economic uncertainty on a global scale continues to be a key factor supporting gold prices. “The political environment continues to point to the uncertainty of the new world order,” noted Tai Hui, chief Asia strategist at JPMorgan Asset Management.
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The Financial Times notes that The speed with which gold prices are reaching record highs is surprising even the most optimistic analysts. “Every time someone makes a gold forecast that looks aggressive, it is met within a few weeks,” Hui added.
Gold is a safe haven in times of crisis
Gold has been a haven for capital in times of global turmoil for centuries. The current price increase is further evidence that investors, in the face of uncertainty, are eager to reach for assets that protect the value of capital.
On the precious metals market, it is clear that concerns about the future of the global economy and the fiscal policies of major countries will continue to drive demand for gold and other metals.
