New York CNN —Gold rose Tuesday after notching a record high the prior day, as investors continue to bet the Federal Reserve will cut rates in the back half of the year.
The yellow metal was up about 0.4% on Tuesday morning, stabilizing somewhat after settling at an all-time high of $2,126.30 a troy ounce on Monday.
However, some investors also believe gold to be a hedge against inflation, wagering that it will hold its value even if it begins to surge.
The Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.4% for the 12 months ended in January.
The milestones for both bitcoin and gold come as stocks continue to rally powerfully.
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