“Investing in gold is beneficial, since it provides support in times of political or economic uncertainty, it helps in the long and short term, it is a tool that protects against inflation and devaluation, it is not corrosive, and it is accepted anywhere. part of the world”, Monex analysts pointed out.
For its part, silver reached a price of $25.34 an ounce, with an increase of 5.4% so far in 2023, which would be close to its maximum level in almost a year, while platinum presents an increase of 1.7 % with a price of 1,088.03 dollars per ounce. And on the contrary, palladium presented a fall of 10.5% in the same period.
The FocusEconomics report on raw materials detailed that the prices of gold and silver had increases as a result of a strong demand for safe haven, due to the tensions derived from the bankruptcy of some US banks and the possibilities of contagion to other financial institutions.
“Expectations of a more dovish Fed fueled the price rally as investors moved away from Treasury bills. At the same time, a weaker dollar made gold and silver more attractive to holders of other currencies,” the report said.