The allure of gold has intensified recently, with a significant surge in its market price. The precious metal's value has not only risen but shows signs of continued upward movement, catching the attention of investors and market enthusiasts alike. The cost of gold ascended to an unprecedented high of $2,153.50 per troy ounce. On March 6, the global market saw gold prices reach a new zenith, with figures climbing over $2,153.55 per ounce. However, following this spike, the commodity's price on the Comex exchange in New York saw a minor correction, adjusting to $2,152 per ounce. Over the last week, the trajectory for gold prices has been unmistakably upward, achieving and then surpassing previous record levels. Analysts link this marked price increase to rising geopolitical tensions, including disruptions in communication cables connecting Europe, Asia, and Africa. In a notable development earlier this year, in January, central banks worldwide significantly bolstered their gold reserves, purchasing 39 tons of the metal, an amount that doubles the purchases made in the previous month, according to industry experts. In the face of these soaring prices, affluent Russians have continued to acquire gold bars, with estimates indicating they bought between 40 and 50 tons of gold in 2023.
