Gold prices soar to record high of $3,040

Gold prices hit a new record high on Thursday, continuing their winning streak for eight consecutive days. March gold futures settled at $3,040.00 per ounce, up 5% during this period. In contrast, March silver saw a slight decline, finishing at $33.786 per ounce. Citi Research updated its gold price forecast, now predicting it could reach $3,200 per ounce in the next three months, and potentially climb to $3,500 by year's end due to growing concerns about the U.S. economy. Nike's stock fell in postmarket trading after the company warned of a challenging upcoming quarter. It reported a significant decline in revenue, particularly a 17% drop in Greater China. Nike expects a tough quarter ahead with potential revenue decreases and lower profit margins. In Florida, lawmakers are considering several bills to reduce the burden of property taxes. One proposal includes eliminating property taxes entirely. Another suggests creating a $100,000 tax exemption for all properties. However, experts warn that eliminating property taxes could lead to a $43 billion revenue shortfall, impacting essential services. In market updates, futures for Dow, S&P, and Nasdaq are down, while crude oil prices fell slightly. Bitcoin also dropped by 2% to $84,000. The FTSE 100 and DAX indices in Europe also showed declines.