Gold price reaches new historical highs: On the London exchange, the price for one troy ounce of gold (approximately 31.1 grams) temporarily rose to $2,589.64. Record levels were also reached in euros, with a peak of €2,334.80 per ounce.

Major Driver of Price Development is the Prospect of Falling Interest Rates in the USA. Market Observers Expect the US Federal Reserve (Fed) to Initiate a Key Interest Rate Cut This Week, Increasing the Attractiveness of Gold.

Since the precious metal does not yield interest, potential interest rate cuts gain significance as they make alternative investments like government bonds less attractive. The price of gold has increased by almost four percent in the past week.

Geopolitical uncertainties, such as the conflicts in the Middle East and the war in Ukraine, also increase the attractiveness of gold as a 'safe haven'.

Particularly the Turkish Central Bank has distinguished itself as a major gold buyer this year, with a purchase of nearly 45 tons in the first half of the year. Experts attribute this to the depreciation of the Lira and the high inflation in Turkey, which heightens the need for stable value storage.