Global gold prices registered biggest weekly gain since 2020. Gold futures ended the week at 4,260 dollars an ounce after hitting an intraday high of 4,380 dollars during the week. Gold prices have surged nearly 59 percent so far this year. In the last three years, Gold prices have surged 165.6 percent. Three years ago in 2022, gold rates was at 1,649 dollars per ounce.
Central banks worldwide have been buying gold at record levels, while a weaker US dollar and falling interest rates have made holding gold more attractive than cash or bonds.
Apart from that, trade tensions between the US and China, expectations of another rate cut from the Federal Reserve next week, and credit worries stemming from regional bank woes have contributed to the jump in prices.
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