Gold Prices Hit New Record High, Analyst Says Further Hint Of Rate Cuts Could Add To Yellow Metal’s Shine: Report
Synopsis
Spot gold prices climbed to a new high of $3,728 per troy ounce, surging by over 1%.
Gold prices surged on Monday to reach a new all-time high, with spot gold climbing to $3,728 per troy ounce, after surging by over 1%.
An analyst reportedly expects the yellow metal to shine even brighter, given that the Federal Reserve is likely to announce further rate cuts this year. "I would expect gold to reach new record highs this week with Fed officials likely to indicate further rate cuts, but also being data dependent on the pace and magnitude of cuts," said UBS analyst Giovanni Staunovo, according to a Reuters report.
Gold futures maturing in December surged 1.38% to hover around $3,757 at the time of writing.
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