Spot Gold Rises to Record on Dovish Fed Remarks

Gold has surged to a new all-time high as growing expectations for US rate cuts early next year spurred a rush of buying.

  • The price jumped more than 3% in early trading on Monday to hit a record $2,135.39 an ounce, surpassing the previous all-time high it set in August 2020, before paring its gains.

Gold “is the answer for many things at the moment – whether it’s inflation carrying on, rate cuts or the uncertainty with very costly wars going on,” said one portfolio manager.

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