While investors and traders are waiting for how the US employment report will affect developing of the Federal Reserve System rates, gold continues to trade at a six-year high.
Since earlier it was counted on the weak policy of the central bank, the price of ingots grew. Chris Weston, Head of Research Department at Pepperstone Group Ltd., has no doubt that at the next meeting the Fed will cut the rates. And, as you know, low rates are good for gold.
Like other experts, the experienced investor Mark Mobius believes that the gold price can reach and even exceed the level of USD 1,500 per ounce against the background of an important factor—low interest rates.
Last week, the price of ingots reached its highest level since 2013—USD 1,439.21.
In general, the situation in the precious metals market is as follows: spot gold went up by 0.6%, cost of spot silver fell by 0.2%, of platinum, by 0.1%, of palladium, by 0.1%.
Today, on July 5, gold is traded at USD 1,414.58.