"Gold prices surged to historic highs fueled by a weakening U.S. dollar, U.S. public debt concerns, and escalating geopolitical tensions, making the metal a safe haven."
"U.S. retail sales fell below expectations, and the Empire State Manufacturing Index reached a 14-month low, leading to weakened dollar strength, further boosting gold prices."
"Geopolitical tensions in the Middle East, particularly the intensified Israel-Hamas conflict, are pushing investors towards gold as a reliable investment amid global uncertainty."
"As the U.S. federal debt exceeds $34 trillion, concerns over financial management and rising interest costs have heightened demand for gold as an asset preservation tool."
Gold prices climbed to near $3,000 per ounce and briefly hit $3,015, driven by a weakening U.S. dollar and increasing geopolitical tensions, particularly in the Middle East. The dollar suffered due to poor economic indicators, including disappointing retail sales and a declining manufacturing index in New York. Additionally, U.S. federal debt surpassing $34 trillion has raised concerns about financial stability, further driving demand for gold as a protective asset during uncertain times, especially among major financial institutions.
Read at London Business News | Londonlovesbusiness.com
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