In the bustling markets of gold, prices soared to new heights on Wednesday, fueled by the growing concerns of rising inflation. This surge in demand for gold as a hedge against inflation has been observed despite the doubts over an imminent U.S. interest rate cut and the rising Treasury yields.
Spot gold reached a new record of $2,286.24 per ounce, with an increase of 0.3%. The precious metal has been hitting consecutive record highs since last Thursday. Meanwhile, U.S. gold futures saw a 1.1% increase to $2,306.60.
City Index senior analyst Matt Simpson attributed this gold rally to the safe-haven flows as the geopolitical tensions between Ukraine and Russia persist. Despite the stronger U.S. economic data and the potential for the Fed to not cut rates in June, gold is still being favored by investors.
This week’s data revealed a surprise rebound in U.S. manufacturing, which, coupled with the rising raw materials prices, has ignited fears of a resurgence in inflation. This has led investors to hedge against inflation by investing in gold.
Gold has experienced a remarkable increase of more than 10.8% in value this year, marking its seventh consecutive day of gains. The precious metal is viewed as a hedge against inflation and a safe haven during times of political and economic uncertainty, which explains its recent surge.
Marex analyst Edward Meir pointed out that, at the moment, the driving force behind gold’s momentum is the fear of inflation rather than interest rates. Speculators, hedge funds, and commodity funds are also contributing to the gold rally by following their quantitative systems’ signals.
In other precious metals, spot silver saw a 1.2% increase to $26.41 per ounce, platinum rose by 0.8% to $925.72, and palladium edged up by 0.6% to $1,009.45.
Despite the soaring prices of gold, the precious metal’s impressive rally has not translated into a renewed interest in platinum jewelry in Asian markets, according to analysts.
Article generated from corporate media reports.
Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
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Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
