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Tuesday, September 27, 2022

BREAKING: Gold hits $2000 per ounce

Gold, nicknamed the yellow metal, has hit a record high at  $2,000 an ounce trading zone, the highest since August 2020, as investors run towards what they perceive as safe-haven assets amidst geopolitical tension caused by the Russian-Ukraine war.

Last week, the benchmark gold futures rose 4.2% for their largest weekly advance since July 2020. Since August 2020’s high, gold has dropped to as low as $1,600 levels.

However, due to a hawkish federal reserve, global inflationary pressures, and now an ongoing war, it has pushed the asset class which many believe to be a safe haven asset to trade above the $2,000 resistance zone.

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Gold’s standing as an inflation hedge has also been greatly boosted by the growth in U.S. prices due to ultralow interest rates and trillions of dollars of pandemic-related spending. The Fed slashed U.S. interest rates to nearly zero after the Covid-19 outbreak in March 2020 and kept them there to enable economic recovery.

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