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Gold rally unlikely to fizzle out; observers expect record highs ahead

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Uma Devi

Uma Devi

Published Fri, Apr 19, 2024 · 05:00 AM
    • Gold spot prices were at a record US$2,398.16 on April 12, while futures hit an all-time high of US$2,407.80 per ounce on April 16. In the year to date, both spot gold prices and futures have advanced 15.1 per cent and 15.3 per cent, respectively.  
    • Gold spot prices were at a record US$2,398.16 on April 12, while futures hit an all-time high of US$2,407.80 per ounce on April 16. In the year to date, both spot gold prices and futures have advanced 15.1 per cent and 15.3 per cent, respectively.   PHOTO: REUTERS

    MARKET watchers are expecting gold prices to hover closer to the US$3,000-per-ounce mark, following the commodity’s odds-defying rally despite interest rates and a stronger US dollar. 

    Already, prices of the precious yellow metal have hit new highs in recent days, on the back of escalating tensions in the Middle East. 

    Spot gold prices have been up about 1 per cent at the close of the Singapore market since April 13, when Iran launched a barrage of missiles and drones targeting Israel. In the US, gold futures are up 0.2 per cent. 

    Gold

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