Gold continues to soar to unprecedented levels

Gold prices rose to a record level on Thursday, amid Federal Reserve officials confirming their expectations to cut interest rates in 2024, in addition to anticipating job data in the United States.

Gold settled in spot transactions at $2,299.28 per ounce by 0343 GMT, after rising to an unprecedented level of $2,304.09 earlier in the session. Gold prices continue to record record levels in every session since last Thursday.

US gold futures increased 0.2 percent to $2,318.70.

Federal Reserve officials, including Chairman Jerome Powell, continued on Wednesday to focus on the need for more discussions and data before cutting interest rates, a step that financial markets expect to occur in June.

The US jobs report for March is due on Friday, with new inflation data due next week.

Lowering interest rates reduces the opportunity cost of holding bullion.

As for other precious metals, silver fell in spot transactions 0.5 percent to $27.08 per ounce, platinum fell 0.1 percent to $935.39, while palladium rose 0.4 percent to $1,017.83.