The price of February gold futures on the Commodity Exchange rose by 1,69% to $1856,5 per ounce. Futures prices exceeded $1850 per ounce of gold for the first time since June 19 last year.
Technically, gold continues the implementation of the upward trend that intensified on November 29 last year. If fixed above $1856, the road to the price of $1870 will open for buyers.
Demand for the precious metal is rising as the US dollar weakens, increasing the metal's appeal as gold becomes cheaper for investors trading in other currencies. They seek protection against market volatility, which is a key driver of gold prices.
Gold does not generate independent income, but in periods of market turbulence it shows itself well as a stable yield instrument.
