The price of gold reached a record high on Wednesday, April 3, 2024. Its value continues to rise. How much is a gram of gold sold for now? However, how much is the Romanian leu worth?
The price of gold rose again on Wednesday, April 3, 2024
The price of a gram of gold increased by 65.94 paise on Wednesday, April 3, 2024, representing an increase of 0.2%. It ended up being worth 336.9552 lei. It is an increase compared to the quote of 336.2958 lei announced by the National Bank of Romania (BNR) the day before, thus marking a new record level.
Since the beginning of March 2024, the price of gold has seen a continuous increase. The spot price of gold broke above US$2,200 an ounce for the first time last Thursday after the US Federal Reserve signaled the possibility of further interest rate cuts later this year. This indicates that Fed officials are not concerned about the recent advance in inflation.
On the Singapore Exchange, the spot price of gold rose 1.6% to US$2,220.89 per ounce. It later fell to US$2,202.31 an ounce at around 7:15am. At the same time, Asian stock markets and the New York Stock Exchange recorded new gains.
Since February 2024, the price of gold has seen an increase of almost 12%
From mid-February 2024 until now, the price of gold has seen an increase of almost 12%. This upward trend is fueled by expectations of a less restrictive US monetary policy.
Usually, such an approach leads to a depreciation of the US dollar. However, it amplifies interest in gold as a safe-haven asset, especially in a context where geopolitical risks are on the rise.
Interest rate cuts announced by the Fed have a positive impact on gold. Gold, although it does not offer returns to investors, becomes a more attractive option compared to other forms of investment.
The Romanian leu strengthened against the euro, the US dollar and the Swiss franc
Moreover, the Romanian leu strengthened compared to the euro. The BNR established an exchange rate of 4.9689 lei for one euro, down by 0.16 money (0.03%) compared to the previous value (4.9705 lei).
In relation to the US dollar, the Romanian leu registered an appreciation. The American currency is quoted at 4.6139 lei, being down by 1.37 money (0.30%) compared to the quote from the previous meeting.
The Romanian leu also strengthened against the Swiss franc. The BNR set an exchange rate of 5.0765 lei for one Swiss franc, which is 1.65 banis (0.32%) lower than the previous quote.
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