Gold prices rose on Friday to a new historic high at USD 2,400 per ounce, as central banks ' gold purchases amid geopolitical tensions maintained the momentum of the yellow metal, while strong US economic data failed to weaken the attractiveness of bullion as a safe haven.
Despite recent high inflation data and a strong US jobs report last week that raised more questions about the feasibility of cutting interest rates this year, gold rose for the fourth week in a row and has gained more than 15% so far this year.
On the other hand, the European Central Bank has kept interest rates at a record high, but has indicated that it may start cutting them next June.
In general, the investment metals market indicates a lot of concerns about geopolitical and financial stability, and given the impasse in China and the devaluation of the yuan, the fear now is that Chinese investors will rush to gold and silver.
