China News by Thebittimes.Com

Gold prices are skyrocketing in the charts this year in 2024 and touched a new high of $2,254 on Tuesday. The precious metal is delivering massive returns to investors who took an entry position early this year. The XAU/USD GOLD spot index dipped minimally in 2024 and remained in the green for the majority of trading days. Also Read: After BRICS, 3 New Countries Ready To Launch Own Currency Source: Investing.com The commodity is strengthening in the indices as gold prices are printing new highs every month. The leading commodity is attracting heavy bullish sentiments as the US dollar remains on a slippery slope due to conflicts. A dip in the US dollar pushes gold prices ahead and the conflicts in the Middle East and Russia and Ukraine might send gold to end 2024 on a high. Also Read: 3 U.S. Sectors To Be Affected If BRICS Ditches the Dollar Gold Prices Predicted To Reach A New High of $3,000, A surge of 35% Source: Finbold Senior commodity strategist Mike McGlone ...

The Spot Gold Prices for the US dollar climbed above the $2,000 level this month and are gearing up to hit $2,100 next. The XAU/USD Gold Prices are now hovering around the $2,034 mark amid the softening of the US dollar. The Federal Reserve is looking to pause interest rate hikes and Gold Prices are benefiting from the development. Low interest rates weaken the US dollar making Gold Prices cheaper for institutional financial establishments. Also Read: BRICS: China Aggressively Dumps US Dollars For 3 Days Straight Source: Investing.com However, one should not expect gold prices to stop at $2,000 levels due to the development. The precious metal is attracting bullish sentiments worldwide and could sustainably scale up in price. The conflict in the Middle East between Israel and Palestine is also helping gold prices to shoot up in the charts. Gold: Analyst Predicts a 50% Rise in Prices Next Source: Watcher Guru Senior Bloomberg commodity strategist Mike McGlone made a hug...