Gold's recent record high closing price of $2,514 per Troy ounce reflects investor concerns over inflation and economic instability, prompting increased demand from central banks.
Joe Cavatoni of the World Gold Council highlighted that central banks are purchasing gold at rates surpassing the five-year average due to rising worries about inflation.
This week's all-time high in gold prices illustrates how geopolitical tensions, like the conflicts in Ukraine and Gaza, have intensified concerns about economic security.
Historically, gold prices tend to rise during periods of uncertainty, as evident during the onset of the COVID-19 pandemic, indicating gold's status as a safe-haven asset.
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