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The price of gold, domestically and internationally, has hit a record high due to the expectation of a cut in interest rates in the U.S.
According to the Korea Exchange (KRX) on the 5th, the spot price per gram of 1 kg gold in the gold market the previous day closed at $66.84, up 2.20%.
This is the highest price since the KRX gold market started trading on March 24, 2014.
Gold prices tend to rise when inflation expectations increase, or interest rates decrease.
The price for buying 0.13 ounces of gold at the Korea Gold Exchange also hit a record high of $285.74 as of the 2nd.
In addition, the representative gold products at the Korea Gold Exchange, such as 0.13 ounce pure gold baby ring and a baby bracelet, were traded at $331.47 and $365.21, respectively, approaching $400.
The price of international gold futures also rose to a record high level.
On the 4th, the closing price of gold futures for April delivery at the New York Mercantile Exchange rose 1.5% from the previous trading day to $2,126.30 per ounce, surpassing $2,100 per ounce for the first time.
It’s been over two months since the gold price surpassed its previous high on December 27 last year ($2,093.10 per ounce).
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