Gold prices continue to rise, platinum is the most expensive in six years

Gold prices continue to rise on Wednesday for the fourth day in a row. The price of platinum jumped above the level of 1200 USD (991.41 euros) per ounce (31.1 grams) and reached a 6-year high. The reasons for this development are the weakening of the dollar, rising inflation expectations and the prospect of further fiscal stimulus in the US. The spot price of gold rose 0.4% this morning to $ 1,845.67 an ounce. The April gold contract was sold on the Comex commodity exchange for a plus $ 2.90 or 0.16% to $ 1,840.40 an ounce. The spot price of platinum rose 3.14% to $ 1,218.52 an ounce, reaching its highest level since 2015. Platinum is expected to benefit from low supply, high investment demand and a global recovery, according to UBS Group, which expects the price to rise to $ 1,250. The administration of the new US President Joe Biden spent the first weeks preparing new fiscal stimulus and ignored warnings that the new stimulus could cause the economy to overheat. "Short-term market attention is focused on fiscal stimulus in the US, and this may continue to support gold prices and probably cause the dollar to weaken this week as well," said IG Asia analyst Jingyi Panová.