Gold reaches all time high

london.- Gold reached its historical high this Tuesday due to the prospects of a rate cut by the Federal Reserve and doubts about the economy in the United States, which helped this metal considered a refuge value.

Around 1:35 p.m. Greenwich Mean Time (GMT), gold rose 1.27 percent to $2,140.20 an ounce, shortly after reaching $2,141.79, surpassing its record set in early December when it reached $2,135.39 an ounce. reached.

Gold has gained more than $100 in the past five sessions, driven by a combination of monetary easing expectations, geopolitical tensions and downside risk in stock markets.

The magnitude of the recent move has surprised some market observers, who say it may be due in part to momentum.

“Concerns over the global economic outlook, geopolitical tensions and changing expectations regarding anticipated interest rate cuts have increased demand for the precious metal, pushing prices higher,” it said. Ricardo Evangelista, Analyst at ActiveTrades.

In the United States, declines in construction spending in January and consumer confidence in February have strengthened expectations that the Fed will soon lower its rates, a move that will hit US bond yields and the dollar and spur investors to bet on gold. Can inspire to apply.

Peso extends positive streak

The peso appreciated for a fourth consecutive day on Tuesday as markets awaited Federal Reserve Chairman Jerome Powell’s testimony before US lawmakers at the end of the week.

The currency was trading a modest 0.08 percent higher at 16.9469 per dollar on Monday against a Reuters reference price, near its best level since mid-January.

“Investors are awaiting more economic information and Powell’s testimony before Congress, which could reinforce the message that the central bank is in no rush to cut rates,” Grupo Financiero Banorte said in an analysis note.

Locally, attention is focused on February inflation data that will be released on Thursday, at a time when most of the market expects the Banco de Mexico to cut its key rate in its next decision at the end of March.