Gold is on a roll! 🚀 The price is currently around $5,485.68, up 1.24%. So, what's driving this surge?
Key Factors:
1. Interest Rate Expectations: With potential rate cuts on the horizon, gold becomes more attractive as it doesn't generate interest.
2. Central Bank Buying: Countries like China and India are stockpiling gold to diversify reserves and reduce US dollar dependence.
3. Investor Demand: Both private and institutional investors see gold as a safe-haven asset and a hedge against uncertainty.
4. Geopolitical Tensions: Ongoing global uncertainty fuels demand for gold as a safe store of value.
5. Weaker Dollar: A weaker US dollar makes gold more attractive to international investors.
Experts predict gold could hit $5,055 by Q4 2026, with some forecasting it reaching $10,000 by 2030.