According to Investing, the market price of gold has surpassed $4500 per troy ounce for the first time in history. The precious metal reached a record value of $4530.3, and at the time of writing, its price was $4514.25 per ounce, which is 1% higher compared to the previous day.
Silver is also showing an increase, rising nearly two percent and exceeding $70 per ounce for the first time in history. A sharp rise in platinum prices is also observed.
Since the beginning of the current year, gold and silver have increased in price by more than 70 percent. As reported by Bloomberg, gold continues to set new highs, breaking records for the 50th day this year. This is related to expectations of a decrease in the interest rate by the U.S. Federal Reserve, creating favorable conditions for precious metals that do not yield interest income.
