Gold prices are at a record high, and the reason for this is the likely decision of the authorities in the United States of America to lower interest rates. It is expected that this will happen already on Wednesday, September 18.
Stock traders assume that gold will be even more attractive. This precious metal is again becoming more and more interesting compared to government bonds. There is also a great demand for gold among central banks.
Namely, Turkey has become the largest buyer of gold in the world. Data from the World Gold Council show that this country bought almost 45 tons of gold in the first half of this year, which represents a special strategic asset.
Experts pointed out that Turkey is looking for security due to the weak national currency and high inflation. In addition, countries such as Turkey, China and India strive to be more independent from the US dollar through gold reserves.
The price of one three ounce (31.1 grams) of gold rose to $2,589 at the beginning of the week on the London Stock Exchange, which is the highest price ever. The price of gold rose by a significant four percent in seven days.
Given that the global market is usually traded in US dollars, the weakness of the US currency makes this precious metal cheaper in many countries, which favors its demand and price, writes the taggeschau portal.