The price of a troy ounce of gold (around 31.1 grams) rose temporarily to 2024 US dollars on the London stock exchange on Tuesday. As of late Tuesday afternoon, the price was $2019. That is around 1.7 percent more than the day before. Calculated in euros, the price of gold increased significantly. Most recently, the troy ounce cost 1847 euros. Disappointing economic data from the USA boosted the price of gold. Industrial orders fell more sharply than expected in February. In addition, the number of vacancies has fallen below ten million for the first time since May 2022. The decline was also stronger than expected.
“The weak US economic data make further rate hikes less likely, which makes gold more attractive for investors,” commented Alexander Zumpfe, precious metals trader at Heraeus. “The precious metal is also receiving support from the weaker US dollar, which came under significant pressure according to the figures.” Because gold is traded on the world market in the American currency, a weaker dollar makes the precious metal cheaper.
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