US Dollar Weakened: Gold Price Passes $2040
The US dollar has continued to weaken over the last week, as safe-haven demand has catapulted the gold price beyond the $2040 mark. Indeed, the precious metal ended the week up more than 1.4%, and nearing the $2050 level. Although it has seen some decrease during the weekend, it is still noting a positive trajectory. The price development has taken place despite high-interest rates and suspended potential for interest rate cuts. Specifically, the Federal Reserve is likely to hold off on cutting interest rates with positive inflation data being reported over the last month. However, that has not negatively affected gold, which is still amid a balancing act according to some experts. Also Read: US Dollar Index Rebounds as Gold & Silver Dip: A Breakdown Gold Price Nears $2050 to Enter Feburary’s Last Week Amid Safe Haven Demand Throughout the last few months of 2023, Gold had seen a massive increase in value. Specifically, the metal saw it reached its all-time high ...