*Gold prices post a new record high of $2,471 an ounce on the futures market, as the prospect of lower interest rates is propelling the precious metal, says report

Isola Moses | 绿帽献妻

Gold prices have been rising over the last couple of weeks, and this week, posted a new record high of $2,471 an ounce on the futures market.

绿帽献妻 learnt the prospect of lower interest rates is propelling the precious metal.

During Tuesday鈥檚 trading, spot gold rose 1.8 percent to nearly $2,466 an ounce.

It is also noted that Gold prices have accelerated because traders have become increasingly convinced that the era of higher interest rates will soon be ending, agency report said.

Report also indicates when rates are higher, investors often choose to park their cash in bonds and CDs that pay a high return.

“Now that Wall Street is convinced that the Federal Reserve will cut its federal funds rate at its September meeting more money is moving back into gold. But there may be other factors in play,” report stated.

The United States (US) dollar has weakened in 2024; though it has recently rallied, the greenback dropped to a five-week low early July.

In a recent note, UBS analyst Joni Teves said gold鈥檚 pullback during the spring has drawn 鈥渂y-the-dip鈥� investors back to the market.

How to buy gold, by market analysts

According to market analysts, there are a number of ways to buy gold, including investing in ETFs backed by physical gold, using any online trading platform.

Share prices move in relation to the price of physical gold.

Buying physical gold is a bit trickier. But some investors buy gold to diversify their portfolios and secure their investments in unpredictable times, report said.

Drew Rathgeber, owner of ProGoldTrader, a gold trading firm in Berlin, Maryland, stated: 鈥淕old has been thought of as a store of value for thousands of years, and people still place a lot of value on it today.

鈥淕old’s value tends to be more stable over time than the value of other assets like stocks and bonds, which can change a lot.鈥�

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