Gold prices surge 6% to reach over $4 550 per ounce

2 hours ago2 mins

Gold bars.

Gold has risen to over $4 500 dollars per ounce, a 6% rise. Markets opened with gold trading at $4 509 dollars an ounce.

Last week, at the close of the markets on Christmas Eve, gold was trading at $4 486 dollars.

Market strategist Makwe Masilela says factors including geopolitical uncertainty, the expected interest rate cuts in the US and ongoing de-dollarisation are driving the rise.

Masilela says, “Gold continued to rally, as we have seen now lately that it was getting very strong and it’s all because of the escalating geo-political tensions. We see the situation in Venezuela, we see the situation in Nigeria, where Washington attacked some militants and also we’ve just seen that the talks that were led by the us to get a peace deal between Russia and Ukraine failed to bring a breakthrough.”