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Gold prices surge to all-time high

21 April 2024 03:51 pm - 0     - {{hitsCtrl.values.hits}}


By Nuzla Rizkiya

Gold prices across the globe are surging at all-time high prices amid escalating geopolitical tensions in the Middle East.

According to the London Stock Exchange Group (LSEG), spot gold prices reached US$ 2,431.29 per Troy ounce -the highest rate ever recorded for the metal on Friday, April 12.

According to Gold Alliance, the highest price of gold ever recorded was US$ 2,152 on 3 December 2023. However, adjusted for inflation, gold reached its highest in 1980 with an inflation-adjusted price of US$ 2,429.84.

Last week's Friday (April 19) saw prices reaching US$ 2,417.59 after Israel retaliated with an airstrike attack, a day before.

Analysts predict rates could surpass US$ 2,500 by the year if the geopolitical developments continue.

According to Everett Millman, a chief market analyst of Gainesville Coins in the US, as quoted by Reuters, the natural response by investors is to flee to gold when there are geopolitical tensions like in the present.

“If the conflict further escalates, prices could go north of $2,500-$2,600, and if there is a ceasefire, then they could fall to $2,200,” said Millman as quoted by Reuters.

As per the Central Bank of Sri Lanka, gold rates in Sri Lanka sat at Rs. 725, 226.2293 per Troy ounce (31.1035 grams) as of Friday, April 19.

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