OREANDA-NEWS  During trading on Tuesday, September 30, the price of a troy ounce of gold continued to rise and came close to another psychological mark. This is evidenced by data from the American Comex exchange.

Closer to 9:55 a.m. Moscow time, the precious metal's quotes jumped to $3,885. The increase to the closing level of the previous trading session by that time was 0.77 percent, or about $29.7. Thus, the price of gold fell short of about $ 15 to a new historical milestone of $ 3,900 per troy ounce.

However, a number of experts expect that gold quotes will be able to break through this bar in the foreseeable future. Analysts consider the persistence of geopolitical tensions in the world against the background of ongoing conflicts in the Middle East and Ukraine, as well as the prospects for lowering the key interest rate by the leadership of the US Federal Reserve System (FRS) to be among the main reasons for the rise in the price of the precious metal.

The negative effect of the sharp tightening of the customs policy of the United States, which has already led to a number of bilateral trade wars in the world, also adds to the problems of the global market. Against this background, investors began to buy gold, which is perceived as a "safe haven asset" especially in times of economic instability. This role of the precious metal may increase in the foreseeable future, says Fyodor Sidorov, founder of the School of Practical Investment. The strengthening of the value of gold, he explains, may contribute to the risks of tightening anti-Russian sanctions and rising tensions around Venezuela.