Gold Prices Hit New Record High Ahead Of Fed Meeting: Rate Cuts Could Boost Safe Haven Demand, Say Analysts

At the time of writing, gold futures maturing in December were up nearly 1%.

Gold prices surged on Monday to hit a new all-time high, as investors flocked to the safe-haven asset ahead of the Federal Reserve’s interest rate decision on Wednesday.

Gold futures maturing in December surged nearly 1% to hover around $3,719 at the time of writing, rising on the back of increased hopes of the Fed cutting interest rates on Wednesday.

In a recent note, analysts at ING Think noted that “lower borrowing costs usually benefit precious metals, which do not pay interest.”

Copper prices also surged on Monday, reaching a 15-month high, according to a Bloomberg report, with the price rising to $10,173 per ton.

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