Gold price news update
On Monday, gold prices continued their upward momentum, reaching a new record high. This surge was driven by expectations of a U.S. interest rate cut and the metal’s attractiveness as a safe haven asset.
Spot gold increased by 1.32%, trading at $2,265.53 per ounce, while U.S. gold futures saw a rise of over 2%, reaching $2,286.39 per ounce.
“I think it’s a really exciting moment in gold,” said Joseph Cavatoni, market strategist at the World Gold Council told CNBC on Monday. “What’s really driving it is, I think, many market speculators really getting that confidence and comfort the Fed cuts,” he said.
Jerome Powell, the chair of the Federal Reserve, stated that the report aligned closely with their expectations, affirming that policymakers were on course to meet their long-term inflation target of two percent. Regarding the recent inflation data, Powell acknowledged that although it exceeded the Fed’s preferences, the February figures were more in line with their desired trajectory.
