Gold prices rose to another record high on Monday, driven by expectations of US interest rate cuts and the metal’s appeal as a safe-haven asset.
Spot gold added 0.3% to trade at $2,240.04 an ounce. US gold futures rose 0.8% to settle at $2,257.10 an ounce. The metal reached a high of $2,286.4.
Gold rose in spot transactions to $2,256.09 an ounce earlier in the session.
The dollar index fell 0.1% against a basket of competing currencies, making gold more attractive to holders of other currencies.
Federal Reserve Chairman Jerome Powell said on Friday: “The latest US inflation data are consistent with what we want to see.”
Traders expect by 69% that the US Federal Reserve will cut interest rates in June, according to the FeedWatch tool of the CME Group. Lower interest rates increase the opportunity to own gold.
As for other precious metals, silver rose in spot transactions by 1% to $25.22 per ounce. Platinum increased 0.6% to $913.85 an ounce. Palladium rose 0.3% to $1,018.22 an ounce. (Reuters)
2024-04-01 21:51:00
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