Analyst: Rising gold prices are linked to declining confidence in US dollar assets
Dean Smith, an analyst at FolioBeyond, said that the rise in gold prices reflects investors' increasing anxiety about American assets. After nearly two months of steady climbing, the price of New York gold futures broke through $4,000 per ounce for the first time in history. Smith said that this increase reflects investors looking for safe-haven assets outside of the US dollar or US government bonds. He stated, "Global markets are hedging their bets." He mentioned that investors are no longer sure if they are willing to tie their "prosperity and economic future so closely with" US dollar assets. He pointed out that the uncertainty and risk behind the rise in gold value "will take years to resolve."
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