Gold marks fresh record according to Griffund supported ETFs

(Bloomberg) -Gold touched a new record when renewed funds were supported by investors by the precious metal.

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Bullion scored a new all -time high of $ 2,956.19 per ounce on Monday and reached the previous summit on Thursday before the profits were available. The prices have increased in the past eight weeks, the longest series since 2020. Gold-back ETFs have been the biggest net inflows since 2022 last week.

The increasing concerns regarding the disruptive trade and the geopolitical agenda of President Donald Trump are driving the demand for gold as Haven capital. Goldman Sachs Group Inc. increased its year for the metal to $ 3,100 last week, and said that the purchase of Central-Bank would be an important driver and expand the ETFs.

The Bloomberg dollar -Spot index became in New York after reports on Friday slowed down the US business and decreased consumer confidence while expectations rose to inflation. This year the Federal Reserve markets were praised by the Federal Reserve for more interest reductions. Traders expect a first reduction for 2025 in July and not for September. A weaker dollar and lower loan costs usually benefit gold.

The data this week will include the preferred inflation metric of the Federal Reserve on Friday, which is expected to cool down until the slowest pace since June. However, the glacier progress when taming price pressures as a whole will be the political decision -makers if they further reduce interest rates.

Spot Gold rose by 0.2% at $ 2,942.88 per ounce. Silver and platinum have published modest declines. Palladium sagged 2.6%.

-with the support of Yihui Xie.

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