Gold prices surged even higher last week after the Federal Open Market Committee issued a surprisingly dovish statement. While the precious metal has performed admirably over the past few weeks, several months of interest rate hikes coupled with a strong dollar depressed gold prices for several months. High interest rates increased the opportunity cost of holding gold bullion and encouraged investors to buy alternative assets that paid interest.
However, hopes of the U.S. Federal Reserve reversing its hawkish stance in 2024 coupled with several geopolitical events, particularly the conflict in…
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