22.01.2025 14:31
The uncertainties surrounding Donald Trump, who has returned to the presidency in the U.S., along with the gold purchases by central banks, have pushed the price of gold per ounce above $2,755, bringing it close to a record level. Assessments related to geopolitical risks and interest rates have also contributed to the rise in gold prices.
Amid the uncertainties caused by Donald Trump, who has taken the presidential seat again in the USA, the purchases by central banks have pushed the price of gold per ounce back above $2,755, bringing it closer to record levels. As a safe-haven asset, gold continues its upward trend due to geopolitical risks, increasing uncertainty, and assessments that interest rates worldwide will decline amid concerns of economic stagnation.
Starting the new year at $2,620, the price of gold per ounce has gained approximately $125 since the beginning of the year, approaching the record level of $2,790 in October 2024. After rising to $2,758 in the morning hours, the price of gold per ounce is currently at $2,754, which is 0.36% above the previous closing as of 12:20 PM TRT.
THE DECISION OF CENTRAL BANKS ALSO AFFECTS THE RISE
The performance of gold is also influenced by the purchases of gold by central banks and assessments that the central banks will continue to shift away from tight monetary policies. After taking office on January 20, Trump continued to threaten import tariffs on goods from other countries. These threats targeted Canada, Mexico, and China, while Trump also criticized the European Union for its trade surplus with the USA. Analysts indicate that in addition to geopolitical developments in the Middle East and Ukraine, the policies of the new Trump administration will also have a significant impact on gold prices, noting concerns that many political decisions made during Trump's inauguration will further increase inflation and national debt in the USA.
INDIA REDUCED TAXES, GOLD SOARED
Analysts report that private investors in India and China have been purchasing large amounts of gold due to the lack of other investment opportunities, stating that India's reduction of import taxes on gold has led to an increase in demand for gold. According to some analysts, as confidence in the financial stability of the USA decreases, many investors prefer to invest in gold rather than bonds. Meanwhile, the People's Bank of China has purchased approximately 15 tons of gold since November 2024, and these purchases are also supporting the upward movement of gold prices per ounce.