Gold prices rose globally today, Tuesday, to their highest level ever, supported by central bank purchases, with anticipation of the release of important economic data, and a decision on interest rates from the European Central Bank.
By 12:24 p.m. GMT, the price of gold futures for June 2024 delivery rose by about 0.88%, or $20.80, to $2,371.80 per ounce.
The spot price of gold at that time recorded $2,353.94 per ounce, an increase of 0.64% or $14.91, and spot prices reached an unprecedented level of $2,353.79 per ounce yesterday.
Investors around the world are awaiting important economic data, most notably the US Consumer Price Index and the minutes of the Federal Reserve meeting for March 2024 tomorrow, Wednesday.
Traders are also awaiting the European Central Bank's decision on Thursday regarding interest rates, with expectations of a hold, as higher interest rates reduce the attractiveness of the yellow metal.
This comes as investors' expectations for the number of potential interest rate cuts this year have declined, following a strong US jobs report last Friday.
