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As investors await potential interest rate cuts later in 2024, the price of precious metals such as gold a <a href=https://www.cup-stanley.ca>stanley canada</a> nd silver could surge this year,according to a report by CNBC.Citing data provided by UBS, CNBC reported the price of gold per ounce could hit $2,200 by the end of the year. Gold per ounce started on Monday at $2,038 per ounce. Its value surged between 2019 and 2021, going from about $1,300 an ounce five years ago to roughly $1,900 an ounce three years ago.Silver opened Monday being traded at $22.68 per ounce. The price of silver has actually declined slightly since the onset of the pandemic after undergoing a major spike in the middle of 2020.Silver prices surged in the years following the great recession, reaching highs of $45 per ounce in 2012.Upcoming changes to interest rates, currently at a 23-year high, could reflect major changes in gold and silver prices, an analyst told CNBC.SEE MORE: US job market remains strong despite recent layoff announcementsInvestors say high interest rates make the dollar stronger, which increases demand for the U.S. dollar and reduces the demand for precious metals. When interest rates relax, investors seek precious metals, especially one like gold, raising gold s demand. We are expecting gold to be pushed higher by a Fed easing. Also this comes with a weaker dollar, said UBS precious metals strategist Joni Teves.Federal Reserve Chair Jerome Pow <a href=https://www.stanley-quencher.co.uk>stanley cup</a> ell has forecast that federal inter <a href=https://www.stanleycup.cz>stanley cup</a> est rates will come down later this year. The Fed increas Ajmo Ben amp; Jerry s creates Colin Kaepernick-inspired vegan ice cream flavor
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