The price of %Gold has risen to an all-time high for a fourth consecutive trading session as the precious metal posts its best weekly performance in nearly six months.
The price of spot gold is up 0.3% at $2,172.40 U.S. per ounce today (March 8), a record high.
Gold has now gained 4.1% over the past week, its biggest weekly increase since October 2023.
Gold first reached a fresh all-time high on March 5 and has continued climbing in recent days.
The precious metal’s price has gotten a boost from data showing that inflation in the U.S. continues to decline, and on growing expectations that America’s central bank will start cutting interest rates in June of this year.
Low interest rates support the price of gold as they reduce the opportunity cost of holding the commodity.
Many analysts see the price of gold continuing to rise this year as central banks around the world increase their holdings of the safe haven asset, and as China, the world’s top buyer, continues to accumulate bullion.
Before this past week, the all-time high for the price of gold was $2,078.40 U.S. per ounce set in December 2023.
