Gold was back at a record high


On May 3, the Federal Reserve  raised its key rate again. This led to a decline in confidence in fiat currencies, such as the U.S. dollar, and an increase in demand for alternative forms of value storage, such as Bitcoin and gold.

In response to the monetary policy decision, Bitcoin rose to above $29,000 in New York trading, but quickly pulled back.

Gold was also back at a record high of $2,079. Gold futures rose to $2,051.

At that the bank analysts think that such “long-term stagnant inflation” will bring even more growth of prices for the precious metal, because unlike the first cryptocurrency, the market of which has more speculative demand, only gold is considered as more reliable and secure asset and in fact the only way to protect from inflation and geopolitical risks. All this helps to maintain a stable high price for the yellow metal in the long term.

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