Bullion is helped by the fall of the US dollar.

Due to a decline in the value of the US dollar, rising safe-haven rates, and speculation, the precious metal is maintaining its rise to a 13-month high and may even reach an all-time high.

For the first time since March 2022, gold closed above $2,000 per ounce on Tuesday.

Gold wins the Safe Haven Award.

“Now, concerns about the depreciation of the US dollar have a major role in setting the price of gold. According to David Lennox, an analyst at Sydney’s Fat Prophets, “Bullion is receiving a haven award due to financial concerns, especially the recent banking crisis and geopolitical tensions.

After increasing 1.8% in the previous session, spot gold was little changed at $2,021.05 an ounce in Singapore morning trading.

For the third day in a row, the Bloomberg Spot Dollar Index is down, while silver, platinum, and palladium are all up.

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