Gold Price Today: Spot Gold Rises to $1,840

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Gold Price Today: Spot Gold Rises to $1,840

The price of gold rose on Tuesday, July 12, 2023, as investors sought out safe haven assets amid concerns about rising inflation and the ongoing war in Ukraine. Spot gold rose to $1,840.40 per ounce, its highest level since March 8, 2022.

The rise in gold prices comes as the U.S. dollar has weakened in recent weeks. A weaker dollar makes gold more affordable for buyers holding other currencies.

Inflation in the United States is at a 40-year high, and investors are worried that the Federal Reserve’s efforts to cool the economy could lead to a recession. Gold is often seen as a hedge against inflation and economic uncertainty.

The war in Ukraine is also a factor in the rise in gold prices. The conflict has caused uncertainty in the global markets, and investors are looking for assets that can provide stability.

The gold price is likely to remain volatile in the near term, but it is expected to remain supported by rising inflation and geopolitical uncertainty. Investors who are looking for a safe haven asset should consider gold.

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