On December 4, gold prices reached a new record of $2,150 per troy ounce.
At a particular moment, the precious metal jumped to a high of $2,152, adding 3% compared to the closing price of the previous trading session. By the moment of writing, it had dropped to $2,090.
Such a stellar increase could be explained by the geopolitical tension caused by the conflict between Israel and Palestine. A weak US dollar as well as expectations of the key rate cut also contributed to the rise in gold prices.
Some analysts suppose that in 2024, gold may soar to new peaks, for example, to $2,200 per troy ounce. The likelihood of this scenario is quite high amid further central bank buying.
Curiously, Switzerland imported more than 14 tons of gold of Russian origin from the United Kingdom and Moldova in October 2023, worth $874 million. The country managed to do so despite all the sanctions.