Gold continues to soar, briefly rising by about $70 in the short term, reaching a historic high close to $2,150 per ounce

Gold continues to soar, briefly rising by about $70 in the short term, reaching a historic high close to $2,150 per ounce

On Monday (December 4th), in the early trading session of the Asian market, spot gold continued to soar, pulling up about $70 in the short term, breaking a historical high of $2144.68 per ounce, an increase of about 3.54%, continuing the upward trend of last Friday. Last week, hardware prices rose 1.74%, just around the historical high. On the one hand, after the temporary ceasefire agreement broke down, the Israeli military attacked the Gaza Strip, causing concerns in the market about the further spread of the Middle East war to rapidly escalate, providing safe haven support for gold prices. On the other hand, last Friday's speech by Federal Reserve Chairman Powell leaned towards the dovish side, raising market expectations for the Fed's interest rate cut in the first half of next year and providing upward momentum for gold prices.

In addition, data shows that the US manufacturing industry shrank for the 13th consecutive month in November, and the economy lost momentum after strong growth in the previous quarter.

The US dollar fell against a basket of currencies other than the euro on the first day due to the dove interpretation of the speech made by Federal Reserve Chairman Powell on the first day and the sharp drop in the yield of long-term US treasury bond bonds. The US dollar index, which measures the US dollar against six major currencies, fell 0.23% in the day and closed at 103.266 at the end of the foreign exchange market.