The price of gold on Monday reached the level of $1,828 per ounce, updating the two-month high. The precious metal quotes were supported by the events of last week. In particular, the fact that the US Federal Reserve has reiterated its view that the current high level of inflation is only a temporary phenomenon. An additional driver of gold price growth was the decision of the Bank of England not to change the size of the key rate, which surprised the markets. Analysts suggest that a break above $1,830 could trigger a rise to $1,900 per ounce. At the same time, experts do not rule out that in the long term, the metal is likely to have a downward trend, as the leading Central Banks will eventually tighten policy to control high inflation. As you know, the soft monetary policy during the Covid-19 outbreak supported gold, since zero interest rates reduce the opportunity costs of owning non-profitable assets. Silver rose to $24.21 per ounce, palladium rose to $2.049.69, and the price of platinum rose to $1.038.58.
