Precious metals

In the early hours of Friday trading, the price of gold surged to an unprecedented peak, nearing the 2,400 USD per ounce mark. This remarkable uptick comes amidst sustained acquisitions of the precious metal by central banks, especially China, and its enduring status as a haven investment amid escalating geopolitical uncertainties.

The price of gold has shattered through a historic barrier, reaching an unprecedented level of $2,200 per troy ounce, following confirmation by the Federal Reserve of three anticipated interest rate reductions this year.

An unprecedented 58 billion Turkish Liras ($3bn) was invested in gold in the first quarter of 2023 in Türkiye, according to the World Gold Council (WGC).

Bar and coin investment in Türkiye reached phenomenal levels in the first quarter, breaching 50 tons for the first time on record, said the council's latest edition of the Gold Demand Trends report.

A record rise in demand for gold is being reported around the world, with central banks worldwide ramping up their purchases, reported the Financial Times, citing data from the World Gold Council. Analysts believe that gold buying by regulators has reached a 55-year high.

The value of gold during yesterday's trading session on the exchange "Comex", a division of the New York Stock Exchange, reached its highest value since June 11, 2021, TASS reported. This is happening against the background of geopolitical tensions and high inflation in the United States.

The price of gold has reached a 7-year high because of the danger of a military conflict between Iran and the United States. It reached $ 1,582 an ounce. This is the highest value since April 2013. The rise was expected because in times of geopolitical crises, gold is seen as a safe investment and the price goes up.

13 tonnes of gold were found in the home of a former Chinese mayor. During a search of Gangzhou's former mayor estate, police discovered a huge amount of gold bars and a large sum of cash.

According to CNBC, gold prices spiked during Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts.

Spot gold was up 1.3% at $1,377.41 per ounce as of 0117 GMT, after hitting its highest since March 17, 2014 at $1,383.81.

U.S. gold futures surged 3% to $1,397.70 an ounce.

The avalanche of negative news about Romania's international gold stash in London has seriously harmed the country, has dented the credibility of both Romania and the National Bank, and keeping the entire gold reserve in the country would not bring any benefit, governor of the National Bank of Romania (BNR) Mugur Isarescu said on Friday.

A surge in gold purchases by central banks to the highest since 1967 helped push global demand for the metal up 4 percent last year, the World Gold Council (WGC) said on Jan. 31.