Gold prices extended their rally and scaled to another record high on Monday, propelled by U.S. interest rate cut expectations and the metal's appeal as a safe haven asset.
"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 [in] the Fed cuts," he said.
The key Fed inflation gauge for February climbed 2.8% year-on-year, according to data released last Friday — likely to keep the U.S. central bank on hold before it can start considering interest rate cuts.
The Fed stood pat on interest rates at the conclusion of its recent March meeting, but stuck with its forecast for three interest rate cuts this year.
Persons:
Joseph Cavatoni
Organizations:
World Gold Council, CNBC, U.S . Federal Reserve, Fed
Locations:
U.S