Amidst turmoil and uncertainty in the broader markets, gold retains its shine and is currently valued at US$2,026 per ounce, having gained almost 8% in the past 24 hours. This surge has taken the precious metal to its highest value in a year.
The latest weak US economic data and the increasing possibility of the Federal Reserve cutting interest rates are driving gold towards its all-time high of $2,075, says Fawad Razaqzada, a market analyst at City Index and FOREX.com.
Razaqzada notes that gold has already surpassed the $2,000 mark and has broken through the $24 resistance level, while silver is approaching the $25 level, both aided by declining bond yields and a weaker US dollar.
The trend is not limited to the US as a survey of over 2,000 UK investors conducted by The Royal Mint and Censuswide revealed a 26% increase in the volume of gold investments last year.
Gen-Z and Millennial investors led the charge, increasing their purchases by 38% and 29% respectively.
