The price of gold has surged by more than $2,700 per troy ounce for the first time since December 13, according to Kazpravda.kz citing Gazeta.ru.
As of 11:15 AM Astana time, the February gold futures on the New York Comex exchange rose by $9.39 compared to the previous close, or by 0.35%, reaching $2,700.19 per troy ounce.
In the second half of October, the price of gold at the Chicago Mercantile Exchange (CME) hit $2,712.25 per troy ounce for the first time in history.
The December gold futures on the CME were trading at $2,711.05 per ounce. At that time, the price of derivatives on the precious metal had increased by approximately 30%, showcasing the highest annual growth in the last 14 years.
In November, Bloomberg reported, citing UBS forecasts, that by the end of 2025, gold prices on the exchange would rise to $2,900 per ounce. Analysts from the company also predicted that by the end of 2026, the price of gold would exceed $2,950 per ounce.
The precious metal is expected to receive support from Donald Trump's ascension to power in the U.S. and the growing global uncertainty, analysts noted.
In July, the price of gold skyrocketed to a new record level amid expectations of a Federal Reserve interest rate cut and increased traders' bets on Donald Trump's second presidential term.