Gold Prices Spike Past $4,700 on New York Comex Exchange

The gold market has reached new heights, with the October futures contract on the New York Comex exchange surpassing $4,700 per troy ounce. This marks the first time since May 14 that the price of gold has broken this barrier.

The precious metal's value rose steadily over the morning, increasing by 0.55% to reach $4,706.4 per troy ounce by 06:10 Baku time. By 06:30, the pace of growth accelerated, with the price reaching $4,713.8 per troy ounce, a gain of 0.77%.