Gold Price Today: Gold broke the record again! Price above Rs 5,000, is there still a big jump left?

Gold Rate: An increase in the prices of both gold and silver was seen on Wednesday, February 11, after falling on Tuesday amid expectations of a rate cut by the US Fed. Spot gold traded slightly higher at $5,065 an ounce during Asian trading hours on February 11, while spot silver rose 1.16% to $81.32 an ounce. Yes! Once again the prices of gold are seen touching the sky.

Gold prices increased again

According to a Bloomberg report, consumer spending suddenly declined in December, raising concerns about rising inflation and also keeping an eye on the January employment report due on Wednesday. Any further decline in borrowing costs will support gold, which does not earn interest income and generally performs well in a low rate environment. The precious metal reached a record high in late January, after which it suffered a sharp decline. Since then it has recovered almost half of its losses and this week it was trading near $5,000 an ounce.

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Outlook of gold and silver prices soon

According to brokerage firm Geojit Investments Limited, despite reduced geopolitical tensions and reduced trade uncertainties, continued central bank buying and strong ETF inflows are expected to support gold prices. “Nevertheless, once this period of turmoil and liquidation ends, the market may refocus on the internal structural drivers that are sustaining bullion demand,” the brokerage firm said in a note.

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