Gold price gits all-time high

Maria Novoselova / Vestnik Kavkaza

Gold prices notched a new record on Monday for a second day in a row - with spot prices touching $2,100 as the global rush for bullion appears set to continue.

The yellow metal prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.

Gold prices have risen for two consecutive months with the Israel-Palestinian conflict boosting demand for the safe-haven asset, while expectations of interest rate cuts have provided further support. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.

Spot gold prices rose to a new record high of $2,110.8 per ounce Monday before giving up some gains. It is currently trading at $2,084.59.

On Friday, gold touched $2,075.09 to surpass a precious intraday record high of $2,072.5 in August, 2020, according to LSEG data.

© Photo :Maria Novoselova / Vestnik Kavkaza