The dollar price of gold on Friday morning surpassed another round barrier, this time it hit 2700 USD per ounce. Remember, that an ounce is slightly over 31 grams. Since the beginning of the year, the precious metal saw an increase of 31%.
Record prices for gold are also observed in our domestic market. In recent days, the quotes have been boosted by a strengthening US dollar against the Polish zloty. Today, Polish gold dealers ask for over 11 thousand zlotys for an ounce coin!
Gold has been strengthening in recent months, anticipating the start of interest rate reductions overseas. Currently, however, investor attention focuses on its role as a safe haven amid escalating tensions in the Middle East and Ukraine. Additionally, there is the anticipation for next week’s annual summit of the BRICS countries, where new tools may be presented that could allow these countries to bypass the US dollar in their mutual settlements. According to preliminary announcements, gold could play a significant role in such a system, which would align with the fact that it is precisely the so-called Eastern countries that have been leaders in gold accumulation in recent years.
In the face of record gold prices in our market, it is also worth mentioning the purchases made by the National Bank of Poland. According to data for September, the NBP now owns 420 tons of the precious metal, which accounts for over 16% of the share in official reserve assets and is worth over 136 billion zlotys.
Source: https://managerplus.pl/kolejne-rekordy-zlota-2700-usd-przebite-96242
