Gold Price Today: Spot Gold Rises to $1,840 as Investors Seek Safe Haven

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Gold Price Today: Spot Gold Rises to $1,840 as Investors Seek Safe Haven

The price of gold rose on Tuesday, as investors sought safe haven amid rising inflation and geopolitical uncertainty. Spot gold was up 0.4% at $1,840.20 an ounce, as of 10:00 AM EST.

The US dollar index, which measures the value of the dollar against a basket of other currencies, fell 0.2%, making gold less expensive for buyers holding other currencies.

Inflation in the United States is at a 40-year high, and investors are worried that the Federal Reserve will raise interest rates too quickly, which could lead to a recession. Gold is often seen as a safe haven during times of economic uncertainty.

Geopolitical tensions are also supporting gold prices. Russia is continuing its war in Ukraine, and there are concerns that the conflict could escalate. Gold is seen as a safe haven in times of war.

The gold price is expected to remain volatile in the coming weeks, as investors assess the risks to the global economy.

  • The all-time high for gold was $1,921.17 an ounce, set in September 2011.
  • The lowest price for gold in the past 50 years was $252.90 an ounce, set in January 1971.
  • Gold is mined in over 50 countries around the world.
  • The largest producer of gold is China, followed by Australia, Russia, and the United States.

Indian spot gold rate and silver price on Friday, Oct 29, 2021 - Hindustan  Times

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