The current price of gold is USD 2,006 (Saturday, October 28, 2023) per troy ounce and the development of gold over the last 5 days has been marked by growth, namely by 1.7 %, the price of silver is USD 23,117 (Saturday, October 28, 2023) per troy ounce and silver over the last 5 days has seen growth of 0.02 %. In CZK terms, gold rose, up 1.72 % to CZK 46,659, in EUR terms it rose, up 1.75 % to EUR 1,895, silver rose 0.03 % to CZK 537.60 and in EUR terms it rose 0.06 % to EUR 21,835 per ounce. On Thursday, demand for gold was greater than supply, and the gold price approached the psychological $2,000 per troy ounce mark several times. The conflict in the Middle East was apparently worrying investors so much that safe-haven interest grew despite a stronger US dollar and record bond yields.
Spot gold on Asian markets also stood at $1,994.9 an ounce. "Gold was threatening to break through the $2,000 mark as investors hedge their holdings," said strategists at ANZ Bank. They noted that gold's further gains also depend on the end of the US interest rate cycle. Once that happens, government bond yields will fall, which will be a favourable situation for gold. "Demand in the physical market is also strong, both from central banks and consumers. The precious metal has gained more than eight percent since the Hamas attack on Israel," FXStreet illustrates the overall picture of the current situation.
Bc. Robert Vlášek, MBA
Managing Director and Commercial Director
firegoldgroup.com
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