Gold Prices Rise to Record Highs
Gold prices rose to a record high of $2,075.47 per ounce on Monday, as investors sought safe havens amid concerns over the global economy.
The rise in gold prices comes as the stock market has been experiencing a sell-off, and investors are looking for other places to put their money. Gold is often seen as a safe investment during times of economic uncertainty, as it holds its value even when other assets are losing value.
The World Gold Council said in a report that "gold's role as a safe haven asset was reinforced during the recent market turmoil, with investors seeking refuge in the metal amid concerns over the global economy."
The rise in gold prices is also being driven by concerns over inflation. With the Federal Reserve planning to raise interest rates, investors are worried that inflation will erode the value of their money. Gold is a hedge against inflation, as it tends to hold its value during periods of high inflation.
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