Gold prices extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve's interest rate cut and safe-haven demand due to geopolitical risks in the Middle East.
Gold prices extended gains to scale a record high on Monday, driven by the momentum generated by the Federal Reserve's interest rate cut and safe-haven demand due to geopolitical risks in the Middle East.
Spot gold rose 0.2% to $2,628.28 per ounce, as of 0349 GMT, after hitting a record high of $2,630.93 earlier in the session.
The U.S. Fed began its easing cycle with a half-percentage point rate cut on Wednesday, forecasting another half-point cut by year-end and a full point next year.
Fed futures traders have priced in 75 basis points in rate cuts by the end of this year, according to CME FedWatch.
Persons:
Tim Waterer
Organizations:
KCM, U.S, Fed, FedWatch
Locations:
U.S, Israel, Lebanese