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Gold Prices Reach Record Highs Amid Central Bank Acquisition Spree

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Gold prices have soared to all-time highs, with experts predicting further increases as central banks globally continue to amass gold in large quantities.

According to CNBC, prices could reach $2,300 per ounce by late 2024, influenced by potential interest rate cuts from the U.S. Federal Reserve. Gold is currently valued at $2,203 per ounce, benefiting from the inverse relationship with interest rates, making it more attractive compared to fixed-income assets like bonds in a low-interest environment.

Central banks have played a pivotal role in driving up gold prices, with significant purchases over the past two years and strong buying intentions for 2024.

Read more...

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The United States has maintained its position as the world's leading oil producer for the sixth year in a row, with an average daily...

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The World Gold Council’s Shaokai Fan highlighted the historical levels of gold acquisition by central banks, which have supported prices despite high-interest rates and a strong dollar. China, as the leading consumer and central bank buyer of gold, along with significant purchases by Poland and Singapore, emphasizes the global trend towards gold as a favored investment and safe-haven asset.

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