Gold Prices Climb To Fresh Record High

Spot gold prices climbed to a new high of $3,791 per troy ounce, surging by over 1%.

Gold prices continued to soar on Tuesday, hitting a new all-time high for the third consecutive trading session amid reports of China planning to become a custodian of foreign sovereign gold reserves. Spot gold prices climbed to a new high of $3,791 per troy ounce, surging by over 1%.

According to a report by Bloomberg citing people familiar with the matter, the People’s Bank of China is courting central banks in friendly countries through the Shanghai Gold Exchange to buy gold and store it in China.

Traders are also eyeing Federal Reserve Chair Jerome Powell’s speech on Tuesday for clues on the central bank’s monetary policy going forward.

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