The increase in demand for gold as a "safe-haven asset" has resulted from the unstable situation in Venezuela and forecasts of lower interest rates in the United States.
Spot gold prices rose by 0.3% to $4,461.09 after an increase of nearly 3% in the previous trading session. On December 26, 2023, gold reached its all-time high of $4,549.71 and ended 2023 with a 64% increase, marking the best performance since 1979. ActivTrades analyst Ricardo Evangelista noted: "Gold prices are supported by heightened interest in safe-haven assets amid geopolitical uncertainty following events in Venezuela and expectations of rate cuts, as evidenced by disappointing PMI data in the U.S. manufacturing sector."
