The price of gold has risen above $2,000 U.S. an ounce and is nearing its all-time high of $2,075.47 U.S. set in August 2020.
The price of gold continues to rise as traders assess the U.S. Federal Reserve’s interest rate path moving forward amid growing signs that the American economy is slowing down.
Recession concerns have resurfaced stateside as data this week showed the U.S. service sector expanded in March at a slower pace than expected and companies added fewer jobs than forecast.
The U.S. dollar and Treasuries have risen alongside gold prices in recent days in response to the weak economic data.
Gold now remains above the key level of $2,000 U.S. an ounce and is closing in on a new record high as investors seek safety from a weakening U.S. economy.
Spot gold is currently trading at $2,021.98 U.S. an ounce in New York.