FX.co ★ Gold hits new historic milestone

Gold continues to conquer unprecedented peaks. For the first time in history, the precious metal has surpassed $2,550 an ounce, setting a new all-time high.

According to COMEX data, gold has reached a fresh record high of $2,567 per ounce on the New York Mercantile Exchange. Since the beginning of 2024, the asset has gained more than 21.5%.

Trading Economics attributes such a steep rise in gold prices to the anticipated monetary policy easing by major central banks in September. Moreover, the precious metal is likely to extend its bullish run in the near future, analysts predict.

In related news, gold now accounts for 29.8% of Russia's international reserves. The country currently ranks fifth on the list of the world's largest gold holders, with a record 2,336 tons valued at $179.6 billion (over 15.7 trillion rubles).

The United States holds the largest monetary gold reserves in the world, totaling 8,133 tons. Germany is second with 3,353 tons, followed by Italy with 2,452 tons and France with 2,437 tons. Analysts note that global central banks continue to add to their gold reserves with demand for the bullion hitting historical peaks. At the same time, many regulators are gradually shifting away from the dollar and the yuan due to global risks and potential economic shocks.