Gold price (XAU/USD) edges higher to near $2,450 per troy ounce during the Asian session on Friday.
Gold price gains ground due to increased risk aversion amid raised concerns about the US economy. The safe-haven demand for the yellow metal received support from escalated geopolitical tensions in the Middle East. The dovish mood surrounding the Fed’s policy outlook supports non-yielding assets like Gold . Gold price edges higher to near $2,450 per troy ounce during the Asian session on Friday.
Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders.
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