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Wednesday, February 8, 2023

Gold price to reach eight-month high

YLG gold bars on display. The price of gold has risen by more than 5.26% since the beginning of the year.

The price of gold is expected to reach an eight-month high of US$1,950 an ounce this week on looming fears of a global recession after the latest US inflation rate fell to 6.5%, said SET-listed Hua Seng Heng Gold Futures.

Gold prices closed $23.50 higher on Friday, touching their highest level since April 2022 at $1,921.80, thanks to a weak dollar.

As US inflation eased to 6.55% in December, from 7.1% previously, the market expects the Federal Reserve (Fed) to slow down interest rate hikes.

The price of gold has risen by more than 5.26% since the beginning of the year. Hua Seng Heng Gold Futures stated that gold prices could…

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